In August, some American seniors and disability recipients will receive two Social Security payments within a span of 48 hours.
This is due to a scheduling change by the Social Security Administration (SSA). Here’s what you need to know about the upcoming payments.
The SSA has confirmed the payment dates for August for recipients of Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI), and retirement benefits.
This month, certain recipients will receive their payments consecutively due to the timing of the SSI payment.
SSI and Social Security Payments
On August 1, 2024, SSI recipients will receive their payment. This payment is specifically for those with the lowest income, providing essential support to meet their financial needs.
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For recipients who receive both SSI and another form of Social Security (such as SSDI or retirement benefits), an additional payment will follow.
Changes in Payment Schedule
Typically, Social Security payments are spaced out, with a day or more between different types of payments. However, this month’s schedule has been adjusted because August 3 falls on a weekend.
The SSA only processes payments on weekdays that are not holidays, so the usual August 3 payments will be issued on August 2 instead.
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As a result, those receiving both SSI and another Social Security benefit will get both payments within a two-day period.
This adjustment helps ensure that recipients receive their funds promptly, avoiding any delays due to the weekend.
Impact of Inflation and Timing of Payments
With the ongoing challenges of inflation and rising costs, receiving these payments in quick succession can be beneficial for recipients.
It provides immediate access to funds, helping them manage their expenses more effectively.
Upcoming Payment Changes in August
In addition to the early August payments, there will be another adjustment at the end of the month. The September SSI payment will be issued on August 30, 2024, instead of the usual September 1 date.
This means that SSI recipients will receive three payments in August:
- August 1: SSI payment
- August 2: SSDI or retirement payment for those eligible
- August 30: September SSI payment
Budgeting for September
It is important for recipients to plan their budgets accordingly. The SSI payment on August 30 is intended for September expenses and should not be viewed as an additional bonus.
Average Payment Amounts
The average Social Security payment on August 2 will be approximately $1,918, while the average SSI payment for those aged 65 or older will be around $574. It’s important to note that SSI recipients typically receive lower retirement benefits, as SSI is designed to supplement income for those with minimal financial resources.
The scheduling changes for Social Security payments in August aim to provide timely financial support to recipients, especially in light of inflation and rising living costs.
By understanding the payment dates and planning accordingly, recipients can better manage their finances and ensure they have the funds needed for their expenses.
FAQs
Why are there two Social Security payments in early August 2024?
Due to a scheduling change, SSI and other Social Security payments will be issued within a 48-hour period at the beginning of August.
What are the specific payment dates for August?
August 1: SSI payment
August 2: SSDI or retirement payment (for those also receiving SSI)
August 30: September SSI payment
Why is the September SSI payment being made on August 30?
Because September 1 falls on a weekend, the payment is issued on the last weekday of August.
How should I budget for September with the early SSI payment?
Plan your September budget with the understanding that the August 30 payment is for September expenses.
What are the average Social Security payment amounts for August?
The average Social Security payment is $1,918, and the average SSI payment for those aged 65 or older is $574.