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hey everyone welcome back to the Channel with another deep dive into the world of Social Security and retirement planning today we're tackling a Hot Topic that's been causing quite a stir online and in the media September 2024 Social Security payments you've probably seen the headlines or heard the rumors double payments coming extra check in September but what's the real story let's break it down and separate fact from fiction what's up Financial Freedom Seekers if you're new here don't forget to smash that subscribe button and ring the notification Bell so you never miss out on the latest news and tips to secure your financial future now let's dive into today's topic September 2024 is just around the corner and there's been a lot of Buzz about Social Security payments some folks are claiming that beneficiaries are in for a windfall a double payment an extra check or some other Financial Bonanza but before you start planning that extra vacation or splurging on a new TV we need to look at the facts examine the origin of these rumors break down how Social Security payments actually work explore what's really happening in September 2024 discuss what this means for you and your finances so grab your favorite beverage get comfy and let's unravel this social security mystery together together all right let's start by addressing the elephant in the room where did all these rumors come from as your go to source for retirement Intel I've been monitoring social media news outlets and even chatting with some of my Insider contacts at the Social Security Administration here's what I found the buzz seems to have started on social media platforms like Facebook and Twitter you know how it goes someone posts something that sounds too good to be true it gets shared a bazillion times and suddenly everyone's talking about it in this case the original posts claimed that due to some quirk in the calendar or a special government program Social Security recipients would be getting an extra payment in September 2024 now I get it who wouldn't want an extra check right but as we always say here on the channel when it comes to your money it's crucial to verify information from reliable sources and that's exactly what we're going to do today some news outlets picked up on these viral posts and ran with the story often without doing the necessary factchecking this only added fuel to the fire making the rumors seem more credible but here's the thing folks just because something is repeated often doesn't make it true remember that game of telephone we used to play as kids yeah it's kind of like that but with potentially serious consequences for people's financial planning how Social Security payments actually work before we get into the specifics of September 2024 let's take a step back and review how Social Security payments typically work this will give us a solid foundation to understand what's really going on first off Social Security benefits are generally paid monthly the exact date you receive your payment depends on your birth date if you were born on the one stone through the 10 th of the month you get paid on the second Wednesday of each month born on the 11th through the 20th your payment comes on the third Wednesday and if your birthday falls on the 21 street through the 31 Stone you're paid on the fourth Wednesday now there are a couple of exceptions to this rule if you started receiving benefits before may 1,997 you get paid on the three Road of each month if you re receive both Social Security and SSI benefits your Social Security payment comes on the three Road of the month it's also worth noting that these payments are made one month in aers so for example your August payment is for July's benefits but wait I hear some of you saying what about those months with five Wednesdays good question the payment schedule doesn't change based on the number of Wednesdays in a month you still get one payment per month on your regularly scheduled Wednesday now let's talk about cost of living adjustments colas these are increases in Social Security benefits to help keep Pace with inflation colas are typically announced in October and take effect with the December benefit which is payable in January of the following year understanding this payment structure is crucial because it helps us see why the idea of a double payment in September 2024 doesn't alow with how the system actually works what's really happening in September 2024 all right now that we've got the basics down let's look at what's actually going on in September 2024 first things first there is no planned double payment or extra check coming from the Social Security Administration in September 2024 I know I know it's disappointing but stick with me because there is something interesting happening that month September 2024 is what we call a three payment month for Social Security this means that instead of the usual four Wednesdays between payments there will be five Wednesdays that month as a result some beneficiaries will receive their October payment in September here's how it breaks down September 11 2024 payment for those born on the one stone through the 10th September 8 18 2024 payment for those born on the 11th through the 20th September 25 2024 payment for those born on the 21 street through the 31 street now I know some of you might be feeling disappointed that there isn't actually an extra payment coming but look at it this way this is an opportunity to take control of your finances and make sure you're on solid footing and that's what this channel is all about right all right folks let's wrap this up here's what we've learned today the rumors about double payments or extra checks in September 2024 are just that rumors there's no truth to them what's actually happening is that some beneficiaries will receive their October 2024 payment in late September due to the way the calendar Falls that year this isn't extra money it's just a regular payment coming a bit earlier than usual it's crucial to plan your budget accordingly if you're affected by this schedule change remember when it comes to your finances always verify information from reliable sources the official Social Security Administration website ssa.gov is a great place to start for accurate up-to-date information about your benefits before we go I want to hear from you have you encountered other social security rumors that you'd like us to investigate drop a comment below and let me know and if you found this video helpful please give it a thumbs up and share it with anyone who might benefit from this information don't forget to subscribe to the channel for more retirement planning tips and social security updates and hey if you want to dive deeper into maximizing your Social Security benefits check out my free guide the link is in the description below until next time reminding you to stay informed stay prepared and keep working towards that secure financial future see you in the next video