Final Social Security Payment for September Set for September 25th
The Social Security Administration (SSA) has confirmed that the final Social Security payment for September will be issued on Wednesday, September 25th. This applies to retirees, survivors, and disabled individuals who were born between the 21st and 31st of any given month and claimed benefits after May 1997. If you fall into this group and haven’t yet received your payment, rest assured that it is on its way.
According to SSA guidelines, if your payment does not arrive on the scheduled date, you should wait at least three mailing days before contacting their customer service. This year, more than 70 million people receive monthly Social Security benefits, with nearly 64 million beneficiaries participating in the retirement program. Social Security benefits are crucial for many Americans, as they often serve as a primary source of income during retirement. In fact, seniors typically receive between 50% and 90% of their pre-retirement income from Social Security. For more detailed information on Social Security benefits, visit La Grada Online.
Retired workers, depending on their earnings and when they claimed benefits, can receive up to $4,873 per month if they claimed at age 70 and had maximum taxable wages. However, many retirees receive up to $1,900 monthly. Social Security plays an equally important role for disabled Americans, with approximately 71% of disabled workers relying on Social Security Disability Insurance (SSDI) for half or more of their income. SSDI beneficiaries receive an average monthly benefit of $1,537, with maximum payouts reaching $3,822 for those who contributed the maximum taxable earnings.
SSA payments follow a consistent schedule, where retired workers and disabled people who claimed benefits before May 1997 receive them on the 3rd of each month. For those who claimed after May 1997, payments are distributed according to their birthdates. As the cost of living adjustment (COLA) impacts payments, beneficiaries are urged to stay updated on future changes, with projections indicating that the COLA increase in October may be around 2.5%, down from the current 3.2%.
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It is crucial for retirees and SSDI recipients to plan their finances around these payments and COLA updates, ensuring they have enough to cover essential expenses.