Retirees eagerly anticipate their Social Security payments each month. To receive these payments, eligibility is based on specific birth dates and approval statuses. Here’s a breakdown of the payment schedule and eligibility criteria for August 2024.
Payment Dates
To receive a payment on August 14, retirees must have been born before the 11th of any month and must have received Social Security’s approval. However, if you started receiving benefits before May 1997, you are not eligible for any of the remaining retirement checks or direct deposits in August. Similarly, those who receive Supplemental Security Income (SSI) are also ineligible for this payment.
August 21, 2024
Retirees whose birthdays fall between the 11th and the 20th of the month can expect their payment on August 21. Like the earlier payment group, eligibility excludes those who began receiving benefits before May 1997 and those currently on SSI. If you experience any delays or missing payments, it’s recommended to wait for three mailing days before reporting the issue to the Social Security Administration (SSA). Delays can sometimes occur due to bank or financial institution processing problems.
August 28, 2024
The final scheduled Social Security payment for August will be issued on August 28. This payment is for retirees born after the 20th of any month. Again, to qualify, you must have started receiving benefits after April 30, 1997, and cannot be a current recipient of SSI.
August 30, 2024
On August 30, 2024, a payment will be made, but only for recipients of Supplemental Security Income. This is separate from the standard Social Security retirement payments.
Filing for Social Security
If you haven’t yet filed for Social Security, you can do so once you turn 62, provided you have earned at least 40 work credits. Delaying your retirement benefits can be beneficial if you aim for a larger monthly check. The SSA provides increased benefits for those who delay filing up to age 70.
Benefit Amounts
As of June 2024, the average retirement benefit payment for all retired workers is $1,918 per month. However, the maximum benefit can reach $4,873 per month if you file at age 70. In addition to the worker’s benefits, spouses and children may also qualify for monthly payments based on the worker’s record.
Knowing the payment schedule and eligibility criteria for Social Security benefits can help retirees better manage their finances. Remember to check your eligibility, monitor your payment dates, and report any issues promptly to the SSA.
FAQs
Who gets the Social Security payment on August 14, 2024?
Retirees born before the 11th of any month who started receiving benefits after April 30, 1997.
What if my payment is late or missing?
Wait three mailing days and then report it to the Social Security Administration.
Can I receive both Social Security and SSI payments in August?
No, if you are on SSI, you are not eligible for the standard Social Security payments.
When is the final Social Security payment date for August 2024?
August 28, for retirees born after the 20th of any month.
What is the average retirement benefit payment in 2024?
As of June 2024, it is $1,918 for all retired workers.
