If you’re a retiree eagerly awaiting your Social Security check, good news—payments are on the way! The Social Security Administration (SSA) is sending out payments worth an average of $1,918 soon. But there are a few things to keep in mind to ensure you get your money on time.
Timing
For those with birthdays between the 11th and 20th of the month, the payment is scheduled to hit your bank account on August 21, 2024. However, this date doesn’t apply to everyone. If you receive Supplemental Security Income (SSI) or started receiving Social Security benefits before May 1997, this is not your payment day.
But don’t worry—August 21 isn’t the final payment date for the month. If your birthday falls after the 20th, you’re looking at an August 28 payday. So, while some retirees will be cashing their checks on the 21st, others will have to wait until the 28th.
SSI Payments
SSI recipients have a slightly different schedule. If you receive SSI, your next check will be in your hands on August 30, 2024. This payment could be up to $943, and yes, this is in addition to any payment you received on August 1st. Keep in mind, this is also your September payment arriving a bit early.
SSDI Payments
What about those receiving Social Security Disability Insurance (SSDI)? Your payment schedule is the same as retirees. If your birthday falls between the 11th and 20th, your payment will also be made on August 21. If your birthday is after the 20th, your payday is August 28. For SSDI recipients who started receiving benefits before May 1997, your payment will arrive on September 3, 2024.
If you’re on both SSI and SSDI, your payment dates could vary slightly, but generally, you’ll follow the same schedule as SSDI recipients.
Maximum Benefit Amounts
The maximum amount you can receive from Social Security depends on when you file. If you wait until Full Retirement Age (FRA), you can get up to $3,822 per month, which is also the maximum SSDI payment in 2024. If you start your benefits early, at age 62, the maximum is $2,710. For those who qualify for the absolute highest benefit, typically due to very high earnings over many years, the maximum amount could reach as high as $4,873.
Planning Ahead
Knowing when your Social Security payment will arrive helps with budgeting and financial planning. If you’re expecting a payment on August 21, make sure to double-check your eligibility and ensure all the conditions, like your birthday, are met. And remember, if you receive SSI or SSDI, your payment schedule might differ slightly, so it’s always good to be prepared.
Whether you’re receiving retirement benefits, SSDI, or SSI, keep an eye on your payment dates and know what to expect. And if your payment is delayed or doesn’t show up, it’s best to contact the SSA directly to resolve any issues.
In summary, the upcoming Social Security payments offer financial support to millions of retirees and disability recipients. Knowing the schedule can help you manage your finances better, ensuring you’re ready when that check or direct deposit hits.
FAQs
When will retirees get their Social Security payments?
Retirees will receive payments on August 21 or August 28, 2024.
Who gets the $1,918 payment on August 21?
Retirees born between the 11th and 20th of any month.
What is the SSI payment amount in August 2024?
SSI recipients can get up to $943 on August 30, 2024.
When do SSDI recipients get their payments?
SSDI recipients will be paid on August 21 or August 28, 2024.
What is the maximum Social Security benefit for 2024?
The maximum is $4,873, with $3,822 being the FRA and SSDI cap.
