As August approaches, it’s crucial for Social Security recipients to prepare for their upcoming payments and adjust their budgets accordingly. Social Security Administration (SSA) has scheduled six payments for next month, with the possibility of some recipients receiving multiple checks. Here’s a detailed breakdown of what to expect.
Contents
Social Security $1,918 or $1,537 Payments in Early August
Important Payment Dates
Social Security recipients can expect an important scheduling change in early August. Normally, retirees who started receiving Social Security before May 1997 get their benefits on the 3rd of each month.
However, because August 3 falls on a Saturday this year, the payment date has been moved up to Friday, August 2. This adjustment ensures that retirees will receive their money one day earlier than usual, preventing any delays due to the weekend.
Dual Payments for SSI and Social Security Recipients
For those receiving both Social Security and Supplemental Security Income (SSI), there will be two payments on consecutive days:
- August 1: SSI payment
- August 2: Social Security retirement or disability benefits
This applies not only to retirees on SSI but also to those receiving Social Security Disability Insurance (SSDI) alongside SSI. Therefore, recipients should plan for the arrival of these consecutive payments and manage their finances accordingly.
Mid and Late August Payments
In addition to the early August payments, the SSA will issue mid and late month payments on the following dates:
- August 14
- August 21
- August 28
Average Payment Amounts
The average payment amounts for Social Security recipients are as follows:
- Retirees: Approximately $1,918
- SSDI Recipients: Approximately $1,537
- SSI Recipients (Age 65 and Older): About $574
- SSI Recipients (Ages 18-64): About $743
SSI Eligibility and Benefits
If you are struggling financially, consider applying for SSI. This program provides additional financial support to eligible individuals with limited income and resources. Here’s a quick overview of the eligibility criteria:
- Age and Disability: Must be aged 65 or older, or between 18-64 and disabled.
- Income: Must have limited income and resources.
- Citizenship: Must be a U.S. citizen or meet certain non-citizen requirements.
Applying for SSI can help supplement your income, making it easier to manage monthly expenses.
With Social Security payments coming early in August, it’s important to stay informed and plan your budget accordingly.
The SSA’s scheduling adjustments ensure that recipients receive their funds promptly, even when regular payment dates fall on weekends.
Keep track of your payment dates and average amounts to ensure smooth financial planning.
FAQs
When will early August Social Security payments be made?
Payments will be made on August 1 and August 2, 2024.
Why is the August 3 payment date changed?
August 3 falls on a Saturday, so the payment is moved to Friday, August 2.
How much will retirees receive on average?
Retirees will receive approximately $1,918.
What about SSDI recipients?
SSDI recipients will receive about $1,537 on average.
SSDI recipients will receive about $1,537 on average.
Yes, SSI provides financial support to eligible individuals with limited income and resources.
