The Social Security Administration (SSA) is set to introduce significant changes in September 2024. These changes affect the payment calendar, including the Supplemental Security Income (SSI) payment, which will be disbursed earlier in August due to a holiday on September 1st. Additionally, beneficiaries will notice an increase in their Social Security payments due to the Cost-of-Living Adjustment (COLA).
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3 Major Changes in September 2024
1. Early SSI Payment Due to Holiday
The SSA has confirmed that the Supplemental Security Income (SSI) payment for September will be issued on August 30th, 2024. This early payment is due to September 1st falling on a Sunday, which is a non-business day. The maximum monthly SSI payment for 2024 is $943 for an individual and $1,415 for a couple. Beneficiaries should plan accordingly for this earlier than usual payment date.
2. Changes in the Social Security Payment Schedule
In September 2024, there will be adjustments to the Social Security payment schedule. While the payments will still be issued in order according to the beneficiary’s age group, they will now be distributed on the second, third, and fourth Wednesday of the month. Additionally, retirees who began receiving benefits before 1997 will receive their payments on September 3rd. It’s important for beneficiaries to be aware of these dates to ensure they receive their payments on time.
3. September Social Security COLA Payment Increase
A significant change in September 2024 is the increase in Social Security payments due to the Cost-of-Living Adjustment (COLA). The COLA for 2024 has been set at 3.2%, resulting in higher monthly payments for beneficiaries. Below are the average monthly benefit amounts, reflecting the COLA increase:
- All Recipients: $1,782.74
- Retirement Benefits: $1,871.09
- Retired Workers: $1,919.40
- Survivor Benefits: $1,509.50
- Nondisabled Widow(er)s: $1,784.31
- Disability Insurance: $1,401.30
- Disabled Workers: $1,538.85
These increases are designed to help beneficiaries keep up with inflation and maintain their purchasing power as the cost of living rises.
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Preparing for the Changes
As September approaches, it’s crucial for Social Security beneficiaries to be aware of these upcoming changes. The early SSI payment, adjusted Social Security payment schedule, and COLA increase are all designed to support the needs of recipients. Ensuring you understand these changes will help you better manage your benefits and financial planning for the month ahead.