The Social Security Administration (SSA) is in charge of distributing payment monthly benefits to recipients from across various programs. Most notably, the SSA distributes benefits to retirees who are part of the retirement program. This month, some retirees may have to wait until the end of September to receive their benefits due to the scheduling program according to your date of birth.
Retirees born between the dates of the 21st-31st will have to wait until month end
The Schedule of Social Security Benefits Payments outlines expected payments date for beneficiaries for the 2024 year. All beneficiaries of the Supplemental Security Income (SSI) program receive their payments on the first of every month. The SSI program provides income to both children and adults with disabilities as well as for retirees over the age of 65 with little to no income and resources.
From the first, beneficiaries who claimed for benefits from the Social Security program after May 1997 receive their payments on a staggered schedule depending on the day you were born as follows:
- September 11th, or on the 2nd Wednesday, for beneficiaries who were born between the 1st and the 10th
- September 18th, or on the 3rd Wednesday, for beneficiaries who were born between the 11th and the 20th
- September 25th, or on the 4th Wednesday, for beneficiaries who were born between the 21st and the 31st
Those who claimed Social Security benefits before May 1997 will always receive their payments on the third day of the month.
Social Security programs and the SSI program require different qualifying criteria
While the two programs may sound similar in nature, the qualifying criteria differs. Social Security refers to benefits payed out monthly based on your previous earnings and contributions. To receive social security as a retiree, you must be at least 62 years old and have paid contributions to the fund for at least ten years. Your monthly benefits are dependent on your lifetime earnings and thus differ from pensioner to pensioner.
If you are a retiree and want to qualify for SSI however, this is granted to retirees based on a need-based system. Core qualifying criteria specifies that you must be over the age of 65 and have access to little resources and income. The amount you receive is based on Federal and State laws. Some retirees may be able to qualify for both programs.
Three major factors will affect retirees’ social security in 2025
Each year, benefits paid to retirees through Social Security is adjusted according to annual inflation and cost-of-living adjustments. While the cost-of-living adjustment (COLA) statistic for 2025 will not be announced until October 2024, analysts estimate that retirees can expect an increase of roughly 2.5% to monthly benefits payments.
From 2025, there will be increases in the full retirement age for upcoming retirees. The Full Retirement Age (FRA) measures at what age you can receive 100% of your social security benefits. From 1983, the full retirement age has been slowly increased from 65 until it reaches age 67 for those born in 1960. From 2025, the FRA will be 66 years and ten months.
Social Security taxes could impact your 2025 benefits. How much depends on your base amount and which state you live in. For single filers, if your base amount is greater than $25,000 dollars, up to 50% of your Social Security payouts may be taxed while married couples filing jointly with a base amount greater than $32,000 may be subject to up to 50% of social security tax.
The number of retirees in 2025 is expected to continue to rise as we begin to see the retirement phase of the Baby Boomer generation. By 2030, all living Baby Boomers will be over the age of 60, meaning the U.S can expect to see one of their largest retiree pools within the next decade.