Social Security benefits are a crucial source of income for many American retirees. For those who have yet to collect their August payments, there’s good news. The Social Security Administration (SSA) will disburse payments on August 28, 2024, for eligible retirees. However, there are specific conditions you must meet to receive this payment on time.
Eligibility
To receive your Social Security payment on August 28, you need to ensure that you meet the SSA’s eligibility criteria. First and foremost, you must have filed for Social Security and received approval from the SSA. If you haven’t gone through this process or are still waiting for approval, you won’t receive your payment on the 28th.
Additionally, this payment is not intended for those receiving Supplemental Security Income (SSI) or those who started receiving benefits before May 1997. These groups have different payment schedules, which we’ll discuss later.
Birth Date Matters
For retirees who have recently started receiving Social Security benefits, the timing of your payment depends largely on your birth date. Specifically, if your birthday falls between the 21st and the 31st of any month, August 28 is your scheduled payday.
The SSA follows a specific disbursement schedule based on birth dates. The third round of payments, typically on the fourth Wednesday of each month, is reserved for those born from the 21st to the 31st. This means that if you’re in this group, your payment is set for August 28. However, keep in mind that the SSA occasionally reschedules payment dates, so it’s always wise to stay updated on any potential changes.
Upcoming Payments
If you are not receiving your payment on August 28, here are the upcoming Social Security payment dates for September 2024:
- September 3: For those receiving both SSI and Social Security or those who started receiving benefits before May 1997.
- September 11: For retirees born between the 1st and the 10th.
- September 18: For retirees born between the 11th and the 20th.
- September 25: For retirees born between the 21st and the 31st.
Addressing these payment dates is crucial for planning your finances effectively.
Maximum Payment
The average Social Security payment for retired workers is $1,919, but some retirees may be eligible for a significantly higher amount—up to $4,873. To qualify for this maximum payment, you need to meet four key requirements:
- Work History: You must have worked for at least 35 years. The SSA calculates benefits based on your 35 highest-earning years, so the longer and more you earn, the higher your potential benefit.
- Earnings: Your earnings during these 35 years must have met or exceeded the contribution and benefit base. This is the maximum amount of income subject to Social Security taxes each year. In 2024, this limit is $160,200.
- Filing Age: You need to have waited until the age of 70 to apply for Social Security retirement benefits. Filing at 70 maximizes your benefit because of delayed retirement credits, which increase your benefit by 8% for each year you delay filing after reaching Full Retirement Age (FRA).
- Payroll Taxes: You must have paid enough payroll taxes in jobs covered by the SSA. These taxes fund your Social Security benefits, so consistent contributions throughout your career are essential.
Lower Payments
If you meet all the above requirements except for the filing age, your payment will be lower. For those who filed at their FRA—currently 66 or 67, depending on your birth year—your benefit could be up to $3,822. However, if you opted to start receiving benefits early, at age 62, your maximum benefit would be significantly lower, capped at $2,710.
Meeting these requirements is the key to maximizing your Social Security benefits, and knowing the timing and conditions of your payments can help ensure you receive the amount you’re entitled to.
As you plan for retirement, staying informed about Social Security payment schedules and eligibility requirements is essential. By doing so, you can ensure a steady income stream that supports your financial well-being in your retirement years.
FAQs
When is the next Social Security payment date after August 28?
The next payment date is September 3 for specific recipients.
What birth dates qualify for the August 28 payment?
Birthdays between the 21st and the 31st qualify.
Can I get $4,873 from Social Security?
Yes, if you meet specific work, earnings, and filing requirements.
What happens if I file before 70?
Filing before 70 reduces your maximum possible benefit.
What if I receive SSI and Social Security?
You will be paid on September 3, not August 28.
