The Social Security Administration (SSA) manages various programs to provide financial support to individuals in different life circumstances. While retirement benefits are among its most well-known offerings, the SSA also administers programs like Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) for individuals with disabilities or limited resources.
Overview of Social Security Payments
Each month, the SSA distributes payments to beneficiaries according to a predetermined schedule. This schedule is critical, particularly for SSI recipients, who rely on these payments to meet their basic needs. SSI is designed to support individuals who are blind, disabled, or over 65 with limited income and resources.
SSI Payment Details
The payment amount from the SSA varies based on individual circumstances. As of January 2024, the average monthly payment for a retired worker is $1,907. For SSI recipients, the maximum monthly payment is $943 for individuals and $1,415 for couples, provided they do not exceed certain income and resource limits. Specifically, eligible individuals must earn less than $1,971 monthly and have less than $2,000 in resources, while couples must have less than $3,000.
These SSI benefits are crucial for many retirees, especially those whose retirement benefits do not cover their living expenses. However, SSI payments are only available to those who apply, and many retirees may not receive these additional benefits.
Payment Schedule for August 2024
Social Security Payment Distribution
The distribution of Social Security payments depends on the beneficiary’s date of birth:
- Born 1st-10th: Payments are made on the second Wednesday of the month.
- Born 11th-20th: Payments are made on the third Wednesday of the month.
- Born 21st-31st: Payments are made on the fourth Wednesday of the month.
There are exceptions for beneficiaries living abroad or those who began receiving payments before May 1997. These individuals receive their checks on the 1st of the month. However, if they also receive SSI, their retirement payment is moved to the 3rd of the month to avoid overlap, unless the 3rd falls on a weekend or holiday, in which case the payment date is adjusted. For August 2024, this adjustment moves the payment to Friday, August 2nd.
SSI Payment Dates
SSI payments are typically distributed on the first day of each month. However, if the first falls on a weekend or holiday, the payment is made on the preceding business day. For August 2024, SSI recipients will receive their payment on Thursday, August 1.
Why Two SSI Payments in August 2024?
In August 2024, SSI recipients will receive a second payment on Friday, August 30. This is due to the fact that September 1, 2024, falls on a Sunday. Following SSA’s policy, the payment is made on the earliest preceding business day, which in this case is August 30. This ensures that beneficiaries have access to their funds without interruption.
FAQs:
What is the average Social Security retirement benefit?
The average monthly payment for a retired worker as of January 2024 is $1,907.
How much can SSI beneficiaries receive?
The maximum SSI payment is $943 for an individual and $1,415 for a couple, depending on their income and resources.
When are SSI payments made?
SSI payments are typically distributed on the first day of each month, or the preceding business day if the first is a weekend or holiday.