Most Social Security claimants are nearing the end of their August payments (SSDI and retirement income). However, for Supplemental Security Income (SSI) recipients, they are set to begin.
If you are waiting for your next Social Security or SSI payout and are eligible, next week will be ideal. Three sets of beneficiaries are unable to collect retirement or SSDI benefits this week since they received their money in August.
Social Security Payouts on August 28
The next payment date for SSDI and retirement participants is August 28. You will not be eligible if you are receiving SSI payments or received benefits before May 1997.
Retirees who qualify must have birthdays between the 21st and the 31st. It doesn’t matter what month or year you were born as long as you’ve already submitted and received Administration permission.
In August, retired workers can expect to receive an average payment of $1,919. Nonetheless, they may get up to $4,873 if they filed at age 70, earned the taxable maximum for 35 years, and worked in employment that paid enough SSA taxes. SSDI payouts average $1,537 and can reach $3,822 for the highest earners.
Social Security has Rescheduled the SSI Payday
The SSI was expected on August 1, 2024. As a result, this month’s payments are complete. However, the SSI payment for September cannot be paid on Sunday, September 1, 2024. This is why Social Security has scheduled Supplemental Security Income payments for Friday, August 30.
Social Security never makes payments on federal holidays or weekends. Banks and offices would be closed, preventing them from sending monthly payments on time. To avoid this, the SSA sends money in advance.
SSI payouts will be $695 on average. Some receivers may be eligible for the biggest payout for individuals, $943. Eligible married couples may get up to $1,415. On August 30, 2024, essential persons can receive a check in the amount of up to $472.
Do SSDI and Retirement Recipients Receive the Same Payment Amounts?
No, SSDI and retirement recipients do not receive the same payment amount, but the amounts are quite similar. Here are the main points:
- Your SSDI benefits are typically equal to your retirement benefits at full retirement age.
- When you reach full retirement age (65-67, depending on your birth year), your SSDI benefits are converted to retirement benefits. However, the monthly amount remains the same. Only the name changes, from “disability” to “retirement”.
- After switching to retirement benefits, you have the following alternatives that may raise your monthly payment:
- You can withdraw your retirement application and postpone benefits until age 70, receiving delayed retirement credits for each year you wait, increasing your benefit.
- Once you begin receiving retirement benefits, your dependents may become eligible for payments depending on your employment history.
- Survivor benefits for spouses are often the same as SSDI and retirement benefits. However, the estimates for family maximum benefits vary. If your spouse has dependent children, this discrepancy may have an impact on survivor payments.
