Week’s Update – Eligible SSI, Social Security Disability, and Retirement Recipients May Receive Payments of $695, $1,538, or $1,919

As the month of August comes to a close, many Social Security recipients, including those receiving Disability Insurance (SSDI) and retirement benefits, have already received their payments. However, for Supplemental Security Income (SSI) beneficiaries, payments are just around the corner. Here’s what you need to know about the remaining Social Security payments in August and what to expect if you’re an SSI recipient.

Payment Groups

There are three main groups of Social Security recipients, and not all of them will receive payments this week. The groups who will not get retirement or SSDI benefits during this final week of August are those who have already received their payments earlier in the month. These groups include:

1. Recipients of SSDI and retirement benefits who have already been paid in August.
2. SSI beneficiaries, who follow a different payment schedule.
3. Individuals who received Social Security benefits before May 1997.

For the majority of retirees, the next significant payment date to be aware of is August 28. This payment is specifically for retirees who have birthdays between the 21st and 31st of any month. As long as you have filed and been approved by the Social Security Administration (SSA), you are eligible for this payment.

August 28 Payments

If you’re among the eligible retirees or SSDI recipients, the August 28 payment could be significant. On average, retired workers will receive around $1,919 this month. However, some individuals, particularly those who waited until age 70 to file, earned the maximum taxable income for 35 years, and paid sufficient taxes, could see payments as high as $4,873. Similarly, SSDI recipients can expect an average payment of $1,537, with high earners receiving up to $3,822.

SSI Payment Schedule

SSI recipients follow a different payment schedule than those receiving retirement or SSDI benefits. Typically, SSI payments are made on the first of each month. For August, SSI payments were made on August 1, 2024. However, since September 1, 2024, falls on a Sunday, the Social Security Administration has adjusted the payment schedule. Instead of receiving payments on the first of the month, SSI recipients will get their September payment on Friday, August 30, 2024.

This advance payment is necessary because Social Security does not issue payments on federal holidays or weekends. The SSA ensures that recipients get their money on time by sending it before the due date.

SSI Payment Amounts

The amount you can receive as an SSI payment varies. On average, recipients will get around $695. However, some individuals may qualify for a higher payment. The maximum payment for an individual is $943, while eligible married couples can receive up to $1,415. Additionally, essential persons, who live with someone receiving SSI and provide necessary care, may receive up to $472.

These payments are crucial for many individuals and families, providing essential income to cover living expenses. Knowing when your payment will arrive and how much to expect can help you plan your budget more effectively.

As August winds down, it’s important to stay informed about your Social Security and SSI payments. Whether you’ve already received your SSDI or retirement benefits or are awaiting your SSI payment on August 30, being aware of the schedule and amounts can help ensure that you’re financially prepared.

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