August 2024 is turning out to be an unusual month for Supplemental Security Income (SSI) beneficiaries due to changes in the payment schedule. With nearly 68 million Americans depending on these payments, any alteration can have significant consequences.
This group includes retirees, survivors, people with disabilities, and others who rely heavily on these funds for their financial well-being. The key change this month? SSI recipients will receive two payments in August and none in September.
Schedule
Typically, SSI payments are issued on the first of each month. However, because September 1, 2024, falls on a Sunday, the payment will be moved up to Friday, August 30. As a result, SSI beneficiaries will see two payments in August. To plan accordingly, it’s crucial to be aware of this and other important dates:
- August 14: Payments for those with birthdays between the 1st and 10th of the month.
- August 21: Payments for those with birthdays between the 11th and 20th.
- August 28: Payments for those with birthdays between the 21st and 31st.
- August 30: A second SSI payment for September will be issued due to the calendar shift.
This staggered payment schedule requires careful financial planning, especially since September will have no SSI payments.
Missing Payment?
What should you do if your Social Security payment is missing? First, don’t panic. It’s recommended to wait three business days before contacting the Social Security Administration (SSA). If your payment is still missing after this period, call the SSA at their toll-free number, 1-800-772-1213, available Monday through Friday from 8 a.m. to 7 p.m. local time. For faster service, try calling in the morning, late in the week, or late in the month.
False Claims
Recently, false information has been spreading about a supposed $600 increase in Social Security benefits for August 2024. It’s important to debunk this misinformation. The Social Security Administration calculates benefits based on the beneficiary’s highest 35 years of earnings, and there is no planned $600 increase for August.
Claims of an additional $600 are not only incorrect but could also be part of a scam. SSA’s Inspector General and the Social Security Commissioner have both warned against sharing personal information, as scammers often use false reports to steal identities or money.
Financial Planning
Given the unique payment situation in August 2024, financial planning becomes even more critical. Here are some practical tips for managing your SSI payments effectively:
- Create a monthly budget: Organize your income and expenses to ensure you stay within your means.
- Prioritize essential expenses: Focus on covering basic needs like housing, food, and healthcare before anything else.
- Save a portion of your income: Try to allocate part of your Social Security and SSI checks to an emergency fund for unexpected expenses.
- Review your expenses regularly: Adjust your budget as needed to maintain control over your finances.
Advance Payment Impact
Receiving an advance payment on August 30 for September’s check can be a mixed blessing. On the one hand, it gives you access to funds earlier. On the other hand, it means no other payment until October. This requires careful budgeting to ensure that you don’t run out of funds midway through September.
To manage this advance payment effectively:
- Plan your expenses for the month: Make sure the funds from the August 30 payment cover all of your September needs.
- Avoid unnecessary spending: Stick to your budget and avoid impulse purchases that could deplete your funds.
- Reserve funds for emergencies: If possible, save part of the payment to handle any unexpected expenses that may arise.
Good financial planning is essential for the millions of Americans who depend on SSI and Social Security payments. By staying informed about your benefits and organizing your finances ahead of time, you can navigate these unusual payment schedules with confidence and maintain your financial stability.
FAQs
Why will SSI payments be earlier in August 2024?
Due to September 1 being a Sunday, the payment is moved to August 30.
Will there be a $600 increase in August 2024 benefits?
No, reports of a $600 increase are false and likely part of a scam.
What should I do if I don’t receive my payment?
Wait three business days, then contact the SSA at 1-800-772-1213.
How can I better manage two payments in August?
Plan a budget to cover all September expenses without relying on additional income.
Can I save some of my SSI payment for emergencies?
Yes, setting aside part of your payment is a wise move for financial stability.
