- Tech News's Newsletter
- Posts
- Social Security Payments: What to Expect for August 2024
Social Security Payments: What to Expect for August 2024
Tech News
August 28, 2024
Seeking impartial news? Meet 1440.
Every day, 3.5 million readers turn to 1440 for their factual news. We sift through 100+ sources to bring you a complete summary of politics, global events, business, and culture, all in a brief 5-minute email. Enjoy an impartial news experience.
As August draws to a close, many Social Security recipients eagerly anticipate their next payment. Depending on your specific situation, the amount you receive could range from a modest sum to a more substantial benefit. Whether you are on Social Security Disability Insurance (SSDI), Supplemental Security Income (SSI), or retirement benefits, it’s essential to know when and what to expect in terms of payments.
For those receiving SSDI or retirement benefits, the next payment is scheduled for August 28, 2024. However, not everyone will be eligible for this payment. According to Social Security guidelines, recipients who fall under SSI or who received benefits before May 1997 are not included in this payment cycle.
To qualify for the August 28 payment, retired individuals must have birthdays between the 21st and the 31st of any month. It is crucial that retirees have already filed their claims and received approval from the Social Security Administration to be eligible. The average payment for retired workers in August is around $1,919, though those who delayed filing until age 70 and earned the taxable maximum for 35 years can receive up to $4,873.
SSI Payments: Adjustments and Scheduling
Unlike SSDI and retirement benefits, SSI payments for August were issued on the 1st of the month. However, there is no payment scheduled for the rest of August due to the September payment being rescheduled. Typically, SSI payments are sent on the first of each month. But because September 1, 2024, falls on a Sunday, Social Security has moved the payment date to Friday, August 30, 2024. This rescheduling aligns with the SSA’s policy to avoid issuing payments on weekends or federal holidays when banks and offices are closed.
SSI recipients can expect an average payment of $695. Individuals who qualify for the highest SSI payment could receive up to $943. Married couples eligible for SSI might receive up to $1,415, while essential persons could receive up to $472.
Comparing SSDI and Retirement Payments
The difference in payment amounts between SSDI and retirement benefits often sparks questions. According to the Social Security Administration, the average SSDI payment was $1,538.85 as of July 2024, while the average retirement benefit was slightly higher at $1,919.40. As noted by a Social Security spokesperson, “For many SSDI beneficiaries, their monthly disability payment represents most of their income.”
This difference highlights the challenges faced by SSDI recipients, many of whom rely heavily on these payments. Despite being closely related, SSDI and retirement benefits do not always equal the same amount. SSDI benefits typically align with what a recipient would receive at their full retirement age. Upon reaching full retirement age, SSDI benefits automatically convert to retirement benefits without changing the monthly amount.
Seeking impartial news? Meet 1440.
Every day, 3.5 million readers turn to 1440 for their factual news. We sift through 100+ sources to bring you a complete summary of politics, global events, business, and culture, all in a brief 5-minute email. Enjoy an impartial news experience.
For those looking to maximize their Social Security payments, there are options available. Retirees can withdraw their retirement applications and delay benefits until age 70, accruing delayed retirement credits each year. These credits increase the overall benefit amount. Additionally, dependents may become eligible for benefits based on the recipient’s work record, potentially increasing the family’s overall Social Security income.
Moreover, survivor benefits for a spouse are generally the same for both SSDI and retirement benefits, although calculations for family maximum benefits vary. This variation can influence survivor payments, particularly if the surviving spouse cares for dependent children.
Understanding the differences and similarities between various Social Security payments can be crucial for financial planning. As August ends and new payment dates approach, being informed about your eligibility and payment amount helps ensure you receive what you are entitled to.
For further assistance and information on how to navigate your Social Security benefits, consulting the Social Security Administration or financial advisors can provide the clarity you need.
Seeking impartial news? Meet 1440.
Every day, 3.5 million readers turn to 1440 for their factual news. We sift through 100+ sources to bring you a complete summary of politics, global events, business, and culture, all in a brief 5-minute email. Enjoy an impartial news experience.
Reply