For seniors aged 65 in the United States, multiple benefits are available, including Social Security retirement benefits and Supplemental Security Income (SSI). Addressing the payment schedules for these benefits is crucial to ensure you receive what you’re entitled to on time.
SSI Payment
The next scheduled payment for 65-year-olds will be on August 30, 2024. On this date, the Social Security Administration (SSA) will issue SSI payments for September. If you qualify for SSI, you can expect a direct deposit or check within 24 hours after this date.
SSI is designed specifically for seniors aged 65 or older with limited income and resources. This payment helps cover essential living expenses, making it a vital source of income for many low-income seniors. Remember that SSI is not just for those aged 65 or older but also for younger individuals who are blind or disabled.
Retirement Benefits
In addition to SSI, 65-year-olds may be eligible for Social Security retirement benefits. Unlike SSI, which is needs-based, Social Security retirement benefits depend on your work history. You qualify by earning at least 40 work credits, equivalent to about 10 years of work, during which you paid Social Security taxes.
For retirees who began receiving their Social Security retirement benefits before May 1997, the next payment is scheduled for September 3, 2024. These individuals have been receiving their benefits for over 27 years. Although this category likely does not include many 65-year-olds, those who also qualify for SSI might receive this payment.
If you didn’t begin receiving Social Security retirement benefits before May 1997, your retirement payment will depend on your birth date. Here’s a breakdown of the payment dates:
- September 11, 2024: For those born between the 1st and 10th of any month.
- September 18, 2024: For those born between the 11th and 20th.
- September 25, 2024: For those born between the 21st and 31st.
These payments will be made through direct deposit or mailed checks, similar to SSI payments. The direct deposit system ensures that funds are transferred quickly and safely to your account, while checks may take a bit longer to arrive.
Eligibility Criteria
To qualify for Social Security retirement benefits, you must have worked for at least 10 years and accumulated the required 40 work credits. If you haven’t, SSI could be a better option for you. However, even if you qualify for retirement benefits, the amount you receive depends on your earnings history. Higher lifetime earnings result in higher monthly payments.
It’s also important to note that the Full Retirement Age (FRA) is no longer 65. For those born after 1960, the FRA is 67. This means that if you start taking benefits at 65, your monthly payment will be reduced. On the other hand, delaying your benefits until after your FRA can increase your monthly payout.
With this information in mind, 65-year-olds can plan for their upcoming payments and make informed decisions about their financial future. Whether you qualify for SSI, Social Security retirement benefits, or both, knowing the payment schedules and eligibility requirements is key to managing your finances effectively.
Are you ready for your next payment? Mark your calendar for August 30, and stay on top of your benefits.
FAQs
When is the next SSI payment for 65-year-olds?
August 30, 2024, is the next SSI payment date.
Can 65-year-olds receive Social Security and SSI?
Yes, if eligible, they can receive both benefits.
What if I miss the August 30 SSI payment?
Contact the SSA if you don’t receive your payment on time.
When is the retirement benefit payment for September 2024?
September 3, 11, 18, or 25, depending on your birth date.
Do I need to apply for SSI if I get Social Security?
You might need SSI if your income is low and you haven’t earned enough work credits.
