The month of August arrives in a couple of days, and we are already heading towards the end of the fiscal year in the United States, which ends on September 30, 2024. Until that day, the values that the Social Security Administration (SSA) pays to the millions of beneficiaries who receive payments every month are fixed. After that date, the SSA will apply the cost of living adjustment (COLA), that increases benefits in order to help recipients keep the pace with inflation.
To begin with, August 1 will be the turn of the first of two payments that beneficiaries of the Supplemental Security Income (SSI) program will receive, which is intended for seniors who need a little extra monthly help to make ends meet. The maximum set by the SSA for these beneficiaries is $943 for an individual, and $1,415 for a qualifying couple. For the payment of essential people, SSI allocates a monthly maximum of $472.
A Date Changed in August for Some Social Security Beneficiaries
There is also a set date for beneficiaries who have been receiving payments since before May 1997, or who receive both Social Security and SSI. However, the SSA does not send payments on holidays or weekends.
Coincidentally, August 3rd falls on a Saturday, so the payment will be advanced by Friday, August 2nd, which is the nearest business day. In the month of September, the date returns to be the 3rd, since it falls on a Tuesday and does not correspond to either a weekend or a holiday.
Social Security Will Send Up to $4,873 to Beneficiaries From August 14
The SSA administers Social Security and Social Security Disability Insurance (SSDI) payments over three dates in the month. This payment distribution system helps to avoid overloading on banking systems and ensures that funds are distributed in an orderly and efficient manner.
The second Wednesday of the month of August, which falls on August 14, is a crucial date for Social Security beneficiaries who were born between the 11th and the 20th of any month. On this day, both retirees and recipients of SSDI will receive their corresponding payments.
The third Wednesday of August, which is August 21, is the payment date for those Social Security beneficiaries born between the 21st and the 31st of any month. This time, both retirees and those who receive SSDI will see their benefits deposited.
Finally, the fourth Wednesday of the month, which will be August 28, is intended for Social Security beneficiaries born between the 1st and the 10th of any month. As with the other payment dates, both retirees and SSDI recipients will receive their payments on this date.
Who Can Receive $4,873 per Month in the United States From the SSA?
Some beneficiaries will be able to wait up to $4,873 per month, but those who wish to receive that amount must meet somewhat complicated requirements: have worked for at least 35 years and have made the respective Social Security tax contributions, with a fairly small salary (from managerial positions or business positions, for example) and delay their retirement until the age of 70.
If you are an SSDI beneficiary, the maximum payment you can qualify for in August 2024 is $3,822, which is an increase from $3,627 in 2023. However, the average is much lower: just $1,537 for a disabled worker per month. The total amount a disabled worker and his or her family can receive is typically 150% to 180% of the disabled worker’s benefit.
Stay tuned to our page dedicated to Social Security payments, where we constantly share news about the Social Security Administration.