In a matter of a few days, Social Security retirement and Social Security Disability Insurance (SSDI) beneficiaries are about to receive new payments of their benefits, following the schedule established by the Social Security Administration (SSA) and its strict schedule.
In July 2024, Social Security beneficiaries who have their dates of birth between the 11th and the 20th will receive their payment on Wednesday, July 17, which means that, as of today, they should have already received their bank deposits, the same as those who meet between the 1st and the 10th of any month, who received their payments on July 10.
Additionally, those born between the 21st and the 31st will receive their payment on Wednesday, July 24th. These three payment dates apply exactly to SSDI benefit recipients as well.
Double Payments to SSI Beneficiaries in August 2024
During August 2024, Social Security beneficiaries, both retirees and those with SSDI (disability benefits) payments will receive their payments according to the following dates:
- Those born between 1 and 10 will receive their payment on Wednesday, August 14.
- Those born between the 11th and the 20th will receive their payment on Wednesday, August 21.
- Those born between the 21st and the 31st will receive their payment on Wednesday, August 28.
In addition, Supplemental Security Income (SSI) recipients will receive two payments in August. The first payment will be on Thursday, August 1st and the second on Friday, August 30th. This is because the regular payment on September 1 is brought forward to the last working day of the previous month, due to the fact that September 1 falls on a weekend.
Dual Deposits for SSI Beneficiaries
The reason SSI recipients will receive two payments in August is that the regular payment scheduled for September 1st is brought forward to Friday, August 30th. This practice is due to the fact that the regular payment date of September 1 falls on a Sunday, a non-business day.
To ensure that beneficiaries receive their funds on time, the Social Security Administration advances the payment to the last business day of August.
Don’t get confused, because all Social Security recipients will receive a total of 12 payments per year, so the fact that in August SSI recipients have two payments means that in September they will have none.
Maximum SSI Benefits in 2024
Also, it’s worth mentioning that the maximum federal monthly SSI payment for 2024 is $943 for an eligible individual and $1,415 for an eligible couple with a spouse. These amounts are designed to help eligible individuals and couples meet their basic needs.
- Monthly Maximum SSI Amounts in 2024:
- Individual: $943 per month
- Couple: $1,415 per month
The maximum benefit amount depends on the age at which you retire. For example, if you retire at full retirement age in 2024, your maximum benefit would be $3,822. However, if you retire at age 62 in 2024, your maximum benefit would be $2,710. On the other hand, if you decide to retire at age 70 in 2024, your maximum benefit would be $4,873.
