In just five days, a new wave of Social Security payments averaging $1,918 will be distributed. This is good news for retirees eagerly awaiting their next check or direct deposit. However, it’s crucial to remember that not everyone will receive their payment on the same date. Specific requirements must be met to qualify for these payments, particularly those related to your birthday and when you first started receiving benefits.
Birthday Rules
One of the key criteria for receiving your Social Security payment on August 21 is having a birthday that falls between the 11th and the 20th of any month. If your birthday is in this range, you can expect your payment on this date. However, this payday does not apply to those who also receive Supplemental Security Income (SSI). Additionally, individuals who started receiving Social Security before May 1997 are not included in this payment schedule and will have different payment dates.
August Payments
Contrary to what some might think, the August 21 payment will not be the last for the month. Retirees with birthdays after the 20th who meet all the other conditions will receive their payment on August 28. The average payment for these retirees will also be $1,918. For those who began receiving benefits before May 1997, the next payment will be due on September 3, 2024.
SSI Payments
For those receiving Supplemental Security Income (SSI), a payment of up to $943 is scheduled for August 30, 2024. This payment is separate from the retirement benefit payments and will be issued even if you received an SSI payment earlier in the month on August 1. It’s important to note that the September SSI payment will be sent ahead of schedule, ensuring that recipients receive their benefits without delay.
SSDI Payment Dates
If you’re receiving Social Security Disability Insurance (SSDI), your payment dates align with those for retirement benefits. This means that SSDI recipients can expect their payments on August 21 and August 28 if their birthdays fall within the eligible date ranges. For those who began receiving SSDI before May 1997, the payment will be issued on September 3, 2024. Additionally, SSDI recipients who also qualify for SSI will receive their SSI payment on September 3 as well.
Maximum Benefit Amounts
The maximum amounts for Social Security retirement benefits vary depending on when you file. If you wait until Full Retirement Age, you could receive up to $3,822 per month. This amount is also the largest possible SSDI payment for 2024. Those who choose to file early at age 62 can receive up to $2,710, while the maximum direct deposit or check amount can be as high as $4,873 under certain conditions.
SSI Criteria
Supplemental Security Income (SSI) is typically paid on the 1st of each month. If the 1st falls on a weekend or holiday, the payment is issued on the preceding Friday. To be eligible for SSI, you must meet several criteria:
- Be at least 65 years old, blind, or have a qualifying disability.
- Have limited income and resources.
- Be a U.S. citizen or meet specific noncitizen requirements.
- Reside in one of the 50 states, Washington, D.C., or the Northern Mariana Islands.
- Not be absent from the U.S. for 30 consecutive days or more.
- Not be confined in a government-funded institution, such as a prison or hospital.
The basic monthly SSI payment for 2024 is $943 for an individual and $1,415 for a couple, though actual amounts may vary based on income, living arrangements, and the state you live in. Additionally, some states supplement the federal SSI payment, which can increase the total amount you receive.
If you receive both Social Security retirement/disability benefits (RSDI) and SSI, your Social Security payment is made on the 3rd of the month, while SSI is paid on the 1st. It’s also essential to know that being outside the U.S. for more than 30 consecutive days can make you ineligible for SSI until you return to the country for 30 consecutive days.
Finally, be cautious about giving away resources or selling them below market value, as this can make you ineligible for SSI for up to 36 months.
The upcoming Social Security payments offer financial relief to many retirees and SSDI recipients. However, knowing the specific rules and criteria for payment dates and eligibility is crucial to ensure you receive your benefits without any issues. Keep an eye on your payment dates and make sure you meet all necessary requirements to avoid delays or complications.
FAQs
When will the next Social Security payment be issued?
The next payment is due on August 21, 2024.
Who qualifies for the August 28 payment?
Retirees with birthdays after the 20th who meet other criteria.
When will SSI recipients receive their next payment?
SSI payments will be issued on August 30, 2024.
What is the maximum SSDI payment for 2024?
The maximum SSDI payment is $3,822 per month.
Can being outside the U.S. affect SSI eligibility?
Yes, being outside the U.S. for 30+ days can make you ineligible.
