Social Security Payment Update – $1,918 Sent to Beneficiaries in Under 24 Hours

For many retirees, a new Social Security payment averaging $1,918 will soon be arriving, bringing financial relief. The Social Security Administration is set to issue these payments in the coming days, but there are specific criteria that retirees must meet to receive them. Knowing the key dates and eligibility requirements can help ensure you don’t miss out on your benefits.

August Payments

For those with birthdays between the 11th and 20th of the month, your Social Security payment is scheduled for August 21. However, it’s important to note that this date is only for those who do not receive Supplemental Security Income (SSI) and who started receiving Social Security after May 1997. If you began receiving Social Security benefits before May 1997, your payment will be issued on a different date.

If your birthday falls after the 20th, your payment will not arrive until August 28. This will also be the case if you do not receive SSI and did not start getting Social Security before May 1997. The average payment for eligible retirees on this date will also be $1,918.

Additional August Payments

The August 21 payment is not the last one for the month. Retirees who meet the eligibility criteria will receive another payment on August 28. These payments cater to those whose birthdays are after the 20th, ensuring that everyone who qualifies receives their benefits in a timely manner.

If you started receiving benefits before May 1997, your next payment is set for September 3, 2024. Meanwhile, SSI recipients will receive a payment of up to $943 on August 30. This payment is ahead of schedule, as the regular September payment would have been issued on September 1, but that date falls on a Sunday. Therefore, the check or direct deposit is moved to the preceding Friday.

Payment Dates

Looking ahead to the following months, Social Security payments will be issued on the following dates:

• September: 11th, 18th, 25th (Wednesdays)
• October: 9th, 16th, 23rd (Wednesdays)
• November: 13th, 20th, 27th (Wednesdays)
• December: 11th, 18th, 25th (Wednesdays)

For SSI recipients, the payment dates are:

• August 30: Payment for September
• October 1
• November 1
• November 29: Payment for December

SSDI Payments

If you are receiving Social Security Disability Insurance (SSDI), your payment dates align with those of retirement benefits. This means you could receive payments on August 21 and August 28, depending on your birthday. If you started receiving SSDI before May 1997, expect your next payment on September 3, 2024. SSI recipients who also receive SSDI will get their payments on this date as well.

Maximum Benefits

For those reaching Full Retirement Age (FRA) in 2024, the maximum retirement benefit can be as high as $3,822 per month. If you opt to take benefits early, at age 62, the maximum amount drops to $2,710. The highest SSDI payment in 2024 is also $3,822, while the absolute maximum Social Security payment, under certain conditions, could reach up to $4,873.

Criteria for SSI Payments

SSI payments are generally issued on the 1st of each month. However, if the 1st falls on a weekend or holiday, the payment is made on the preceding Friday. To qualify for SSI, you must meet specific criteria:

• Be aged 65 or older, blind, or disabled
• Have limited income and resources
• Be a U.S. citizen or meet certain noncitizen requirements
• Reside in the U.S., D.C., or the Northern Mariana Islands
• Not be absent from the U.S. for more than 30 consecutive days
• Not be confined in a government-funded institution

The basic SSI payment for 2024 is $943 for an individual and $1,415 for a couple. These amounts can vary based on your income, living arrangements, and state-specific supplements.

Social Security and SSI

It’s essential to understand the differences between Social Security and SSI:

• Social Security is based on your work history and the taxes you’ve paid, while SSI is based on financial need.
• Social Security benefits can extend to eligible family members, but SSI does not.
• Where you live can affect your SSI but usually does not impact your Social Security benefits.

Being informed about these differences and payment dates can help you manage your finances better and ensure you receive the benefits you’re entitled to.

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