In August 2024, retirees in the United States will be able to receive up to four Social Security payments, with the largest reaching $4,873. But who is eligible to receive this amount in the form of a check or direct deposit?
The first of the payments arrives on the first day of the month, and it is for the recipients of the Supplemental Security Income (SSI), a deposit that is sent to millions of beneficiaries on the 1st of each month.
Second Payment of the Month: August 2, 2024
The first Social Security payment will be made on August 2, ahead of the traditional August 3. This adjustment is because the third day of the month falls on a Saturday, which could cause delays if payment were made over the weekend.
However, most retirees will only receive an average payment of about $1,918. To obtain up to $4,873, it is necessary to meet all the requirements established by Social Security. The August 2 payment will be for those who receive Supplemental Security Income (SSI) along with their retirement or SSDI, or who began receiving benefits before May 1997.
Second Round of Payments: August 14, 2024
The second round of payments will be made on August 14. This payment will go to those beneficiaries born between the 1st and 10th of any month. Retirees who did not begin receiving Social Security before May 1997 and do not receive SSI payments will be eligible for this payment.
Third Payment of the Month: August 21, 2024
The third payment of the month will arrive on August 21, the third Wednesday in August. This payment will be for retirees born between the 11th and 20th of any month.
August Final Payment: August 28, 2024
The last Social Security payment of the month will be August 28. This day is intended for those born after the 20th of any month. The amount they will receive will depend on the worker’s work history.
$4,873 Social Security Check: Who Is Eligible?
To receive the highest retirement benefit payment in August, a retired worker must have earned the taxable maximum for at least 35 years. This is a difficult requirement for most Americans to meet.
“Not everyone can opt for such a well-paying job, so that prevents millions of people from getting $4,873,” said a Social Security representative.
Furthermore, the application must be submitted three years after full retirement age, that is, at age 70. If enough payroll taxes were not paid, this amount will not be received either. Having jobs covered by Social Security is essential to qualify for any type of retirement benefits.
Extra Supplemental Security Income Payment: August 30
The Social Security Administration has confirmed a Supplemental Security Income payment for August 30. This benefit is intended for low-income Americans who are blind, have a disability, or are at least 65 years old. Those who meet all requirements and remain eligible can obtain this monthly supplement.
“There will be a Supplemental Security Income (SSI) payment on August 30. However, this will not be the only payment day scheduled for next month,” a Social Security spokesperson said.