For retirees in the United States, Social Security is often a crucial source of income. With many depending solely on this payment, it’s essential to stay informed about the schedules and eligibility requirements.
This September, an increased payment is expected for a particular group of retirees, thanks to the Cost-of-Living Adjustment (COLA).
In this article, we’ll break down who qualifies for the upcoming payment, how the schedule works, and whether you can increase your Social Security check.
Who Will Receive the New Social Security Payment?
If you’re retired and receiving Social Security benefits, your September payment could be right around the corner. However, only a specific group of retirees will receive their payment on September 25, 2024.
Here’s who qualifies for the Group 4 Social Security payment:
- Retirees who began receiving benefits after May 1997.
- Retirees born between the 21st and 31st of any month.
If you meet both of these conditions, you’ll be eligible for the upcoming Social Security payment on September 25. However, it’s important to remember that the method you choose to collect your benefits can affect the exact date you receive the money.
How Will I Receive My Payment?
Social Security payments can be received through two main methods:
- Direct Deposit: If you’ve opted for Direct Deposit, you will see the payment in your account on September 25, 2024. This method is quick and ensures that funds arrive on time.
- Mail or Other Methods: If you’re receiving payments by check or another method, it may take a few days longer. Rest assured, the payment will still be processed and sent.
It’s worth noting that this payment isn’t exclusive to retirees based on age. Disability retirees who meet the above criteria will also receive their payment on September 25.
Social Security Payment Schedule for September 2024
| Group | Payment Date | Eligibility Criteria |
|---|---|---|
| Group 1 | September 3, 2024 | Born between 1st and 10th of any month |
| Group 2 | September 10, 2024 | Born between 11th and 20th of any month |
| Group 3 | September 17, 2024 | Born between 21st and 31st of any month |
| Group 4 | September 25, 2024 | Retired after May 1997; Born between 21st and 31st of any month |
Can You Increase Your Social Security Check?
Many retirees wonder if they can increase their Social Security benefits. While there are limited options for raising your payment once you’ve started receiving benefits, there’s one notable exception: COLA (Cost of Living Adjustment).
The COLA is an annual adjustment to Social Security benefits that accounts for inflation. Each year, retirees see a small increase in their payments based on the rising cost of living.
For example, this September, retirees in Group 4 will receive an increased payment, thanks to COLA, compared to last year’s payment.
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Key Takeaways:
- If you began receiving Social Security benefits after May 1997 and were born between the 21st and 31st, you’re eligible for the September 25, 2024, payment.
- Choosing Direct Deposit ensures you receive your payment promptly, while other collection methods may take a few extra days.
- The Cost-of-Living Adjustment (COLA) is the main way Social Security payments increase over time. If you’ve already retired, you’ll have to rely on this yearly adjustment for any additional income.
Whether you’re planning your finances around your next Social Security check or simply staying informed, understanding the payment schedule is crucial for retirees in the United States. Keep an eye on the upcoming dates and stay prepared for your next payment!