Next week could bring welcome news for Social Security beneficiaries, particularly those receiving Supplemental Security Income (SSI). With the August payments almost complete for most recipients, it’s crucial to know if you’re eligible for the next round of payments scheduled for August 28, 2024. Let’s break down who qualifies for these upcoming payments and what you can expect.
Eligibility
Knowing your eligibility is the first step. There are three main groups of Social Security recipients who will not receive retirement or Social Security Disability Insurance (SSDI) benefits next week. This is because they have already received their payments earlier in August.
If you’re in the group receiving retirement or SSDI payments, you’ll only receive a payment on August 28, 2024, if you meet certain criteria. Specifically, you must have a birthday between the 21st and the 31st of any month and must have already filed for benefits and received approval from the Social Security Administration (SSA). However, if you’re receiving SSI or started receiving benefits before May 1997, you won’t be getting another payment this week.
Payments
The next key date to note is August 28, 2024. On this date, Social Security will issue payments to eligible SSDI and retirement recipients. For those who qualify, the average payment amount for retired workers in August 2024 is approximately $1,919. However, those who delayed filing until age 70, earned the taxable maximum for 35 years, and had qualifying jobs that paid enough taxes could receive up to $4,873.
SSDI recipients can expect average payments of about $1,537, though this can increase to as much as $3,822 for high earners. These amounts highlight the potential range of benefits, depending on your work history and timing of filing.
SSI Payments
While SSDI and retirement benefits have set schedules, SSI payments follow a slightly different timeline. SSI payments were due on August 1, 2024. However, there will be no further payments for SSI beneficiaries this month. The next SSI payment, scheduled for September 1, 2024, will actually be issued on August 30 due to September 1 falling on a Sunday.
Social Security avoids scheduling payments on weekends or federal holidays, ensuring that beneficiaries receive their funds without delay. The August 30 payment will average $695, with some recipients qualifying for a maximum of $943. Married couples eligible for SSI can receive up to $1,415, while essential persons, those living with SSI recipients who provide necessary care, can receive up to $472.
Retirement Payments
When comparing SSDI and retirement benefits, there’s a clear difference in the average monthly payment amounts. As of July 2024, the average SSDI payment was $1,538.85, while retired workers received an average of $1,919.40. This means that retirement benefits are generally about 25% higher than SSDI benefits.
For SSDI recipients, this difference can significantly impact their financial situation, especially since many rely on SSDI as their primary source of income. Additionally, SSDI benefits may be reduced if the recipient receives other public disability benefits, such as Workers’ Compensation.
On the other hand, retirement benefits can increase if a retiree delays claiming their benefits beyond their full retirement age. This delay can result in an 8% annual increase in benefits for those born after 1942. However, when SSDI recipients reach full retirement age, their benefits switch to retirement benefits without any change in the monthly amount.
Factors
Several factors can influence the payment amounts for both SSDI and retirement benefits. For instance, delayed retirement credits can increase the amount you receive if you choose to wait until age 70 to claim your benefits. Additionally, your dependents may also become eligible for benefits based on your work record once you switch to retirement benefits.
It’s also important to note that survivor benefits for a spouse are typically the same for both SSDI and retirement benefits. However, the calculations for family maximum benefits differ, which can affect survivor payments, especially if your spouse cares for dependent children.
Knowing these nuances can help you plan better for your financial future, ensuring that you maximize your Social Security benefits based on your unique circumstances.
Remember to check your eligibility and mark your calendar for the upcoming payment dates. Whether you’re receiving SSDI, retirement, or SSI benefits, being informed will help you make the most of your Social Security income.
FAQs
When is the next Social Security payment?
The next payment for SSDI and retirement benefits is on August 28, 2024.
Who qualifies for the August 28 Social Security payment?
Retirees with birthdays between the 21st and 31st of any month qualify.
What is the average SSDI payment amount?
The average SSDI payment is $1,537, with a maximum of $3,822.
Why is the SSI payment rescheduled to August 30?
SSI payments are rescheduled if the first of the month falls on a weekend or holiday.
Can SSDI benefits convert to retirement benefits?
Yes, SSDI benefits convert to retirement benefits at full retirement age.
