Social Security retirement and Disability Insurance (SSDI) beneficiaries may receive their payments on different dates depending on when they started collecting benefits and whether they also receive Supplemental Security Income (SSI).
For those who began receiving benefits after April 30, 1997, payments are distributed on three distinct paydays each month. If you receive SSI along with retirement or disability benefits, you’ll receive your SSI payment on the 1st of the month and your retirement or disability insurance payment on the third.
August Payment Dates
In August 2024, Social Security benefits for retirees and SSDI recipients will be paid on three different days, based on the beneficiary’s birthdate:
- August 14: For those whose birthdays fall before the 11th.
- August 21: For those born between the 11th and 20th.
- August 28: For those born between the 21st and 31st.
If you are also receiving SSI, your September payment, which would typically be on the 1st, will be moved to August 30, 2024, due to the overlap with the weekend and holiday schedules.
Payment Amounts
The amount you receive from Social Security is influenced by your work history and earnings, rather than the specific payday. For example, individuals who have worked in jobs covered by Social Security for 35 years and earned the taxable maximum throughout may receive up to $4,873 per month.
Average Payments
- Retirees: The average monthly benefit for retirees, as of June 2024, is approximately $1,918.
- SSDI Recipients: The average SSDI payment is around $1,537, with the maximum possible benefit being $3,822. However, the actual amount can vary significantly based on individual circumstances, such as work history and age at the onset of disability.
Impact of Early Disability
Younger individuals who become disabled and start receiving SSDI in their 20s or 30s often receive lower benefits. This is because their shorter work history and lower lifetime earnings result in fewer contributions to Social Security. Consequently, they may qualify for lower payments compared to older recipients with longer work histories.
Supplemental Income Options
For those receiving low SSDI payments, additional financial support may be available through programs like SSI or Supplemental Nutrition Assistance Program (SNAP) benefits. These programs can help cover essential expenses, providing a crucial safety net for individuals with limited income.
Key Considerations
It’s important to remember that each beneficiary is entitled to only one Social Security payment per month, whether through check or direct deposit. The structured payment schedule helps beneficiaries plan their finances by providing predictable payment dates.
FAQs
When will Social Security payments be made in August 2024?
August 14, 21, and 28, depending on the birthdate.
Can you receive both SSI and retirement benefits?
Yes, but they are paid on different dates: SSI on the 1st and retirement benefits on the 3rd.
How are Social Security benefit amounts determined?
Based on work history and lifetime earnings.
What is the maximum SSDI benefit amount?
Up to $3,822 per month.
Are there additional benefits for those with low SSDI payments?
Yes, SSI and SNAP may be available for eligible individuals.
