By Alon Bidden
Published on:
The Social Security Administration (SSA) is set to distribute payments to eligible retirees, with the average payment amounting to $1,918.
This distribution will occur on August 2, 2024, and is part of the regular monthly disbursement schedule for those who began receiving Social Security benefits before May 1997.
Here’s what you need to know about eligibility, payment amounts, and upcoming payment dates.
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On August 2, retirees who have been receiving benefits since before May 1997 will receive their payments. This group includes individuals who receive both Social Security retirement benefits and Supplemental Security Income (SSI).
The average payment for this group is $1,918, though the exact amount varies based on individual earnings history, years worked, and the age at which they began receiving benefits.
The amount received by retirees can vary widely due to several factors:
Aside from the August 2 payment, other retirees will receive their Social Security payments later in the month, based on their birth dates and specific eligibility criteria:
These payments are part of the SSA’s staggered schedule designed to manage the distribution process efficiently.
SSI recipients who also receive Social Security benefits will receive their payments according to the regular SSI schedule. For August, SSI payments were distributed on August 1, and an additional payment will be made on August 30, intended for September.
The maximum SSI amounts are $943 for individuals and $1,415 for eligible married couples.
The $1,918 average payment from Social Security is a vital source of income for many retirees, helping them cover essential expenses.
The exact amount each retiree receives depends on their earnings history, the number of years worked, and the age at which they claimed benefits. Those who have worked longer, earned more, and delayed claiming until later ages can receive significantly higher benefits.
The SSA’s structured payment schedule ensures that all eligible retirees receive their payments in a timely manner.
Retirees who started receiving Social Security benefits before May 1997 and receive both retirement and SSI benefits.
The payment amount depends on factors like earnings history, years worked, and the age at which benefits were claimed.
Payments are scheduled for August 2, August 14, August 21, and August 28, depending on eligibility and birth dates.
The maximum amounts are $2,710 at age 62, $3,822 at Full Retirement Age, and $4,873 at age 70.
SSI payments are made on a different schedule, with August payments on the 1st and an additional payment for September on August 30.
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