Social Security update – A payment of $1,918 will be deposited into recipients’ bank accounts in 5 days

If you’re a Social Security retirement recipient and haven’t yet received your August payment, it’s essential to be aware of the upcoming payment dates to ensure you receive your benefits on time. The Social Security Administration (SSA) will be issuing payments worth an average of $1,918, depending on your birthdate and other eligibility factors.

Payment Schedule

Here’s a breakdown of the payment schedule for Social Security recipients in August 2024:

August 21 Payment

• Who is Eligible? Retirees whose birthdays fall between the 11th and the 20th of any month will receive their payment on August 21, 2024.
• Important Note: This date is specific to retirement benefits and does not apply to those receiving Supplemental Security Income (SSI). Additionally, those who started receiving Social Security benefits before May 1997 will not receive their payment on this date.

August 28 Payment

• Who is Eligible? Retirees whose birthdays are between the 21st and the 31st of any month are scheduled to receive their payment on August 28, 2024.
• Important Note: Like the August 21 payment, this date is for retirees who are not on SSI and did not begin receiving Social Security before May 1997.

September 3 Payment

• Who is Eligible? Retirees who began receiving Social Security benefits before May 1997 will receive their next payment on September 3, 2024. This date also applies to SSI recipients who are scheduled to receive a payment on the first of the month.
• SSI Payment: For those receiving SSI, there will be an additional payment on August 30, 2024, up to $943. This is separate from the retirement benefits payment.

SSDI Payment Schedule

For SSDI recipients, the payment schedule aligns with that of Social Security retirement benefits:

• August 21 and August 28: SSDI recipients will receive their payments based on the same birthday-based schedule as retirement beneficiaries.
• September 3: SSDI recipients who started receiving benefits before May 1997 will receive their payment on this date. Additionally, those who qualify for SSI will also receive a payment on September 3, 2024.

Benefits

The maximum Social Security benefits vary depending on when you start receiving them:

• At Full Retirement Age (FRA): The maximum benefit for those filing at FRA in 2024 is $3,822 per month. This is also the highest amount for SSDI recipients.
• Early Retirement at Age 62: If you opt to start receiving benefits at 62, the maximum payment is $2,710 per month.
• Maximum Retirement Benefit: For those who delay filing past FRA, the maximum can be as high as $4,873 per month.

You Haven’t Received Your Payment

If you are expecting a Social Security payment but have not yet received it, consider the following steps:

1. Check Your Eligibility: Ensure that you meet the birthdate and other eligibility criteria for the scheduled payment date.
2. Verify Direct Deposit Information: If you receive payments via direct deposit, make sure your bank account information is correct.
3. Contact the SSA: If your payment is delayed beyond the scheduled date, contacting the Social Security Administration directly can help resolve any issues.

FAQs