Social Security recipients can look forward to their next monthly payment, with the average benefit of $1,918 set to be distributed soon. Whether through a check or direct deposit, eligible retirees can expect these funds within days.
However, it’s important to understand the specific criteria that determine payment dates, especially if you’re receiving multiple benefits like Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI).
August 21 and 28 Payment Details
The upcoming payment of $1,918 on August 21, 2024, applies to beneficiaries whose birthdays fall between the 11th and 20th of the month.
However, this payment excludes those who receive SSI or who began collecting Social Security before May 1997. For those who meet these conditions, the August 21st payout will be the final Social Security payment of the month.
Meanwhile, beneficiaries whose birthdays are after the 20th will receive their Social Security payment on August 28, 2024. This includes individuals who don’t receive SSI and who started receiving Social Security after May 1997.
The payment amount will be the same average of $1,918, but those with higher benefit amounts may see more.
Additional Payment Dates for September and Beyond
For beneficiaries not receiving SSI or who began receiving benefits after May 1997, the following Social Security payment dates apply in the coming months:
- September: 11th (2nd Wednesday), 18th (3rd Wednesday), and 25th (4th Wednesday).
- October: 9th, 16th, and 23rd.
- November: 13th, 20th, and 27th.
- December: 11th, 18th, and 25th.
SSI recipients should note that their payments are scheduled for:
- August 30 (for September, since September 1 is a Sunday).
- October 1.
- November 1.
- November 29 (for December, since December 1 is a Sunday).
Payment Dates for SSDI Recipients
For those receiving SSDI, payment dates align with the regular Social Security schedule. SSDI beneficiaries with birthdays between the 11th and 20th will receive their payments on August 21, while those with later birthdays will receive payments on August 28.
If you started receiving SSDI before May 1997, your next payment will arrive on September 3, 2024.
Understanding SSI and Social Security Payments
SSI payments differ from standard Social Security payments in several ways:
- Eligibility: SSI is designed for low-income individuals aged 65 or older, or those with disabilities. Unlike Social Security, which is based on work history, SSI eligibility is based solely on financial need.
- Payment Dates: SSI is typically paid on the 1st of each month, with adjustments made when the 1st falls on a weekend or holiday.
- Maximum Benefit Amounts: In 2024, the maximum SSI payment is $943 for individuals and $1,415 for couples, although these amounts can vary depending on state supplements and living arrangements.
Key Differences Between Social Security and SSI
While both programs provide financial support, they serve different purposes:
- Funding Sources: Social Security is funded through payroll taxes, while SSI is funded by general tax revenue.
- Work History Requirements: Social Security benefits require earning enough work credits, while SSI has no such requirements.
- Income Impact: Social Security benefits are generally unaffected by income, but SSI benefits can be reduced by other income sources.
- Living Arrangements: Social Security benefits are typically not influenced by your living situation, but SSI payments can change based on who you live with or where you live.
Maximizing Your Benefits
If your Social Security payments are low, you may be eligible for SSI, which could increase your overall monthly income.
It’s crucial to ensure that your information is up-to-date and that you apply for all the benefits you qualify for.
FAQs
When is the next Social Security payment date?
The next payments are scheduled for August 21 and August 28, depending on your birth date.
Who qualifies for the August 21 Social Security payment?
Beneficiaries with birthdays between the 11th and 20th of the month, excluding those on SSI or receiving benefits since before May 1997.
What is the average Social Security payment amount in 2024?
The average payment is $1,918 per month.
When will SSI recipients receive their next payment?
SSI recipients will receive their next payment on August 30, covering September benefits.
Can you receive both Social Security and SSI?
Yes, individuals with low Social Security benefits may qualify for additional SSI payments.
