The Social Security payment schedule in August 2024 is designed to ensure that beneficiaries receive their payments on specific dates, depending on their situation and date of birth. The Social Security Administration (SSA) designs the calendar for two years, so, the current available schedule is for the years 2024 and 2025.
This month includes several types of payments, such as Supplemental Security Income (SSI), the August 3 payment, and payments that are made on the second, third, and fourth Wednesdays of the month.
Next Supplemental Security Income (SSI)
Supplemental Security Income (SSI) is due on August 1st. This benefit is intended for people over the age of 65, blind or with disabilities who have limited income and resources.
The maximum monthly SSI amount, until September 30, 2024, is $943 for an eligible person and $1,415 for an eligible person with an eligible spouse. However, the amount a person receives can vary depending on their income, other benefits they may be receiving, and their living situation.
Payment of August 3: Who Gets Their Money That Day?
August 3 is the magic date for those individuals who received Social Security benefits before May 1997, as well as for those who receive both Social Security and SSI.
In this case, the Social Security payment is made on August 3, providing a crucial source of income for beneficiaries who depend on these funds to cover their basic needs.
Payments on the Last Three Wednesdays in August
In addition to the mentioned payments, the beneficiaries will also receive their payments according to their date of birth on Wednesdays in the month of August:
- Second Wednesday (August 14th): Beneficiaries whose birthday falls between the 1st and the 10th of any month will receive their payment on this date.
- Third Wednesday (August 21st): Those with birth dates between the 11th and the 20th will receive their payments on this date.
- Fourth Wednesday (August 28th): Beneficiaries born between the 21st and the 31st will receive their payments on this date.
Social Security Benefits’ Maximum Amounts You Could Expect
The amount of Social Security benefits depends on several factors, including the beneficiary’s retirement age. In 2024, the maximum amounts vary significantly depending on the age at which one chooses to retire:
- Full retirement Age: If you retire at full retirement age, your maximum benefit would be $3,822.
- Retirement at age 62: If you choose to retire at age 62, your maximum benefit would be $2,710.
- Retirement at age 70: For those who decide to wait until age 70 to retire, the maximum benefit increases to $4,873.
Maximum SSDI Benefits in 2024
Social Security Disability Insurance (SSDI) also has a maximum benefit determined by the SSA, based on inflation and other economic factors. For 2024, the maximum SSDI benefit is $3,822.
The actual amount an SSI beneficiary receives can be affected by several factors:
- Income: For every $2 you earn at your job, $1 will be deducted from your SSI payment.
- Other Benefits: If you receive other benefits, such as Social Security Disability Insurance, unemployment payments, or pensions, these may reduce the monthly amount of your SSI.
- Living situation: The fact of living with other people or the state of residence can also influence the payment of SSI.
Remember that the Social Security benefits increase every year, with the cost of living adjustment (COLA), a tool used by the SSA to help beneficiaries keep the pace with inflation.