Social Security payments can be a lifeline for retirees, but the payment schedule can sometimes be confusing.
For those who have already received payments in early August, it’s important to note that they will not receive payments on the next two scheduled dates in August. Here’s a breakdown of what retirees can expect regarding their upcoming payments.
August Payments Overview
If you received your Social Security payment on August 2, 2024, you will not be receiving additional payments on August 21 or August 28.
The same applies to those who received payments on August 14—there will be no additional payments later in August.
This is because the Social Security Administration (SSA) schedules payments based on specific criteria, including the date when you first began receiving benefits and your birth date.
September Payment Dates
For retirees who qualified for the August 2 payment, the next scheduled payment will be on September 3, 2024. However, to qualify for this date, you must have started receiving your benefits before May 1997.
Additionally, retirees who receive both Social Security retirement benefits and Supplemental Security Income (SSI) payments simultaneously will also qualify for the September 3 payment.
If you began collecting your retirement benefits after April 30, 1997, your payment date in September depends on your birth date. Here’s how it breaks down:
- September 11, 2024: Retirees born between the 1st and 10th of any month will receive their payments.
- September 18, 2024: Retirees born between the 11th and 20th of any month will receive their payments.
- September 25, 2024: Retirees born between the 21st and 31st of any month will receive their payments.
Maximum and Average Payments
The amount you receive from Social Security can vary significantly based on when you started collecting benefits and how much you contributed over your working life.
- Maximum Payments: In 2024, the maximum payment a retiree can receive is $4,873 per month. To achieve this amount, you would have needed to delay filing until age 70, consistently earned the taxable maximum, and worked for at least 35 years in jobs covered by Social Security.
- Full Retirement Age Payments: If you wait until your Full Retirement Age (FRA), which is typically between 66 and 67, the maximum amount you can receive is $3,822 per month.
- Early Filing Payments: For those who opt to start collecting benefits at age 62, the maximum monthly payment is reduced to $2,710.
While these figures represent the upper limits, the average Social Security payment is much lower.
Average Retirement Benefit
As of mid-2024, the average monthly Social Security retirement benefit is $1,918. This figure is slightly up from the $1,917 average reported in May 2024.
The slight increase is partly due to the 3.2% cost-of-living adjustment (COLA) implemented in 2024, which was the third-highest COLA in the last decade.
To put this in perspective, the overall average Social Security payment across all recipients is about $1,782.74 per month as of July 2024.
Retirement benefits constitute a significant portion of Social Security payouts, making up 79.2% of the total. The average monthly benefit for all retirement beneficiaries is approximately $1,871.09 as of July 2024.
SSDI Payments
For those receiving Social Security Disability Insurance (SSDI), the payment amounts differ slightly but follow a similar pattern to retirement benefits. The maximum SSDI payment is $3,822 per month, while the average SSDI payment as of 2024 is $1,537.
In conclusion, while some retirees might not see payments in late August, they can expect their next Social Security checks in early September.
The specific dates and amounts vary based on when you began receiving benefits, your birth date, and whether you receive SSI in addition to retirement benefits.
By understanding these schedules and amounts, you can better plan your finances and ensure you receive the benefits you are entitled to.
FAQs
Why won’t retirees get August payments?
Those who received early August payments won’t get later ones.
When is the next payment for August 2 recipients?
The next payment is scheduled for September 3, 2024.
What is the average retirement benefit in 2024?
As of July 2024, it’s approximately $1,919.40.
What is the maximum Social Security payment?
In 2024, it’s $4,873 if you claim benefits at age 70.
When do SSDI recipients get paid in September?
They follow the same schedule as retirees, based on birth dates.
