Social Security benefit payments will be arriving from August 2, 2024. However, only 2 groups of retirees can receive such an early payment. For example, you can collect this payment if you are on SSI and retirement benefits at the same time.
Another possibility to get money from Social Security on August 2 is if you began receiving retirement benefits before May 1997. If you are on retirement benefits, but you do not qualify for the August 2 payment, you will have to meet the birthday requirement.
Who will receive Social Security in late August?
Those retirees who were born from the 21st to the 31st are eligible for the last Social Security payment on August 28. if compared to the last payday in July, this one will be due 4 days later.
So, those retirees who have a shoestring budget will have to plan their monthly budget thoroughly so that they can stretch it as much as possible. So, if your birthday is after the 20th, you will get money from SSA on the 28th.
Bear in mind that if you were born from 11-20, you will receive your retirement benefit on August 21. If your birthday is before the 11th, your payday will be on August 14.
Social Security amount on August 28
Each retired worker can have a different payment amount. This is because some may have earned more money as a worker, or they filed at 70 or worked for 35 years or more.
These are the things that allow retirees to get up to $4,873 from Social Security. That is the largest benefit if you have been a really high earner for over 34 years and filed at 70.
The average payment for retirees is worth $1,918. So, you can expect a similar amount if you were also an average worker. Some may get even less money if they just worked for ten years.