Social Security Update – This Week’s Retirement and Disability Payments, SSI Checks Pending

If you’re expecting a Social Security payment soon, you might be wondering if you can get your money within hours. The Social Security Administration (SSA) is preparing to send out direct deposits and checks, but not everyone qualifies for this round of payments. Knowing who is eligible and when the payments are scheduled can help you plan ahead.

Eligibility

First, it’s important to note that not everyone will receive a payment this week. If you started collecting Social Security before May 1997 or if you are receiving Supplemental Security Income (SSI), you are not eligible for the upcoming payments. The SSA will only send out payments to those who have received Social Security Disability Insurance (SSDI) or retirement benefits after April 30, 1997.

Payment Schedule

The payment schedule is divided based on your birth date:

• August 21 Payment: If your birthday falls between the 11th and 20th of the month, you can expect your SSDI or retirement payment on August 21.
• August 28 Payment: If your birthday falls between the 21st and 31st, your payment will arrive on August 28.

For those receiving SSI, there is no payment scheduled for this week, but you can expect your payment on August 30, 2024.

Payment Amounts

The amount you receive from Social Security varies based on several factors, including your lifetime earnings, the amount of Social Security taxes you’ve paid, and when you started claiming benefits.

For instance, if you were a high earner who paid the maximum taxable amount to Social Security for 35 years and you waited until age 70 to file, you could receive up to $4,873 per month in 2024. However, this is the maximum benefit, and most people receive less.

Here’s a quick breakdown of the average payments as of July 2024:

Type of Payment	Average Monthly Amount
Retirees	$1,919
SSDI Beneficiaries	$1,538
SSI Recipients	$943 (individuals)
SSI (on average)	$695

These amounts are average figures, and your payment could be higher or lower depending on your individual circumstances.

Future Payments

This week’s payment isn’t the last one for August. A second round of payments will be issued on August 28, for those whose birthdays fall in the later part of the month. As for the 2025 Cost-of-Living Adjustment (COLA), it’s too early to say how much the increase will be, but it’s something beneficiaries should keep an eye on as it could affect your monthly payments starting next year.

If you’re waiting for your payment, keep an eye on your bank account or mailbox around the scheduled dates. Knowing when and how much you’ll get can help you manage your finances better.

FAQs