Social Security $1,918 Payment Directly In Bank Accounts In 4 Days: Know Important Dates & More

A Social Security payment worth $1,918 on average is set to be disbursed in the next few days.

Many retirees will soon receive a new check or direct deposit from the Social Security Administration (SSA).

To qualify for this payment, recipients must meet specific conditions. Here’s a comprehensive update on the upcoming payments and what you need to know.

Social Security $1,918 Payment Important Payment Dates and Eligibility

August 21 Payment

• Who is Eligible?
  • Retirees whose birthdays fall between the 11th and the 20th of any month.
  • Recipients who do not receive Supplemental Security Income (SSI).
  • Those who started receiving Social Security after May 1997.

August 28 Payment

• Who is Eligible?
  • Retirees whose birthdays are after the 20th of any month.
  • Recipients who do not receive SSI.
  • Those who did not start receiving Social Security before May 1997.

Additional Payments

• Recipients of SSI will receive a payment of up to $943 on August 30, 2024. This is ahead of schedule for the September payment.
• Recipients who began receiving benefits before May 1997 will receive their next payment on September 3, 2024.

Average Payment and Variations

• Average Payment: The average payment for eligible retirees receiving Social Security benefits on these dates is $1,918.
• Maximum Payments:
  • Retirement Benefits: Up to $4,873 for those who file at Full Retirement Age.
  • SSDI (Social Security Disability Insurance): Up to $3,822, which is also the largest SSDI payment in 2024.
  • Early Retirement at 62: Up to $2,710.

SSDI Payment Dates

SSDI recipients will receive their payments on the same dates as those receiving retirement benefits:

• August 21 and August 28: Depending on birthdate.
• September 3, 2024: For those who started receiving benefits before May 1997.

Criteria for SSI Payments

General Eligibility for SSI

To be eligible for SSI, you must:

• Be aged 65 or older, blind, or have a disability that prevents you from working for at least 12 months.
• Have limited income and resources.
• Be a U.S. citizen or meet certain requirements for noncitizens.
• Reside in one of the 50 states, D.C., or the Northern Mariana Islands.
• Not be absent from the U.S. for a full calendar month or 30+ consecutive days.
• Not be confined in a government-funded institution like a prison or hospital.

Payment Schedule

• SSI Payments: Typically paid on the 1st of each month. If the 1st falls on a weekend or holiday, payments are issued on the preceding Friday.
• Combined SSI and Social Security Benefits: If you receive both, your Social Security is paid on the 3rd of the month and your SSI on the 1st.

Monthly SSI Payment for 2024

• Individual: $943
• Couple: $1,415

Actual payment amounts may vary based on income, living arrangements, and the state of residence, as some states supplement the federal SSI payment.

Important Considerations for SSI

• Absence from the U.S.: If you are outside the U.S. for 30 consecutive days or more, you are not eligible for SSI for any full month you are outside the country. You must return to the U.S. and stay for 30 consecutive days to restart SSI.
• Resource Transfer: Giving away or selling resources below market value can make you ineligible for SSI for up to 36 months.

Understanding the specific dates and eligibility criteria for Social Security and SSI payments is crucial for recipients. By staying informed about these details, you can ensure that you receive the benefits you are entitled to without any disruptions.

If you have any questions or need further assistance, consider contacting the Social Security Administration directly or visiting their official website.

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