As of September 2024, Social Security recipients will experience three significant changes that could impact their benefits and payment schedules.
These updates reflect adjustments made by the Social Security Administration (SSA) to address payment timelines, the Cost-of-Living Adjustment (COLA), and other crucial details. Understanding these changes is essential for beneficiaries to plan accordingly.
3 Key Changes in Social Security 2024
1. SSI Payment Schedule Adjustment
One of the most notable changes in September involves the payment schedule for Supplemental Security Income (SSI). Traditionally, SSI payments are made on the first of the month.
However, since September 1, 2024, falls on a Sunday, the SSI payment will be disbursed on Friday, August 30, 2024. This early payment ensures that recipients have access to their funds without any delay due to the weekend.
2. Social Security Payment Schedule Changes
The payment schedule for Social Security benefits is also undergoing a slight adjustment in September 2024.
While the general structure of payments remains consistent, with disbursements occurring on the second, third, and fourth Wednesdays of the month, those who retired before 1997 will receive their payments on September 3, 2024.
This adjustment ensures that all recipients are paid promptly, considering any calendar anomalies.
3. COLA Increase in September Payments
The most impactful change for Social Security beneficiaries in September 2024 is the implementation of the Cost-of-Living Adjustment (COLA) increase.
The COLA for 2024 has been set at 3.2%, which translates to higher monthly benefits for recipients starting in September. This increase is designed to help beneficiaries keep up with inflation and rising living costs.
| Type of Beneficiary | Percent of Total Payouts | Average Monthly Benefit |
|---|---|---|
| All Recipients | 100% | $1,782.74 |
| Retirement Benefits | 79.2% | $1,871.09 |
| Retired Workers | 75.5% | $1,919.40 |
| Survivor Benefits | 8.5% | $1,509.50 |
| Nondisabled Widow(er)s | 5.1% | $1,784.31 |
| Disability Insurance | 12.3% | $1,401.30 |
| Disabled Workers | 10.7% | $1,538.85 |
Conclusion
September 2024 brings essential changes to Social Security, including adjustments in payment schedules and a COLA increase.
These updates are crucial for beneficiaries to understand to ensure they receive their benefits without any issues. By staying informed, Social Security recipients can better manage their finances and plan for the future.
1. What is the new COLA increase for September 2024?
The COLA increase for September 2024 is set at 3.2%, resulting in higher monthly benefits for Social Security recipients.
2. When will SSI payments be made in September 2024?
SSI payments for September 2024 will be disbursed on August 30, 2024, because September 1 falls on a Sunday.
3. How will the Social Security payment schedule change in September 2024?
Payments will follow the regular schedule, but retirees who retired before 1997 will receive their payments on September 3, 2024.
4. Why was the September SSI payment moved to August 30, 2024?
The payment was moved to avoid delays caused by the weekend, ensuring recipients receive their benefits on time.
5.Who benefits from the COLA increase in September 2024?
All Social Security recipients, including retirees, survivors, and disabled individuals, will benefit from the 3.2% COLA increase.
