If you have already collected your Social Security payment in July, you will have to wait until August to get your next check or direct deposit. Some retirees whether they are 62 years old or older may receive their money on July 24 if their birthdays are from 21-31.
Bear in mind that July 24 will be the last payday this month. If you got your monthly payment before July 24, you will have 3 possible paydays in August. To get money from Social Security on the 24th you must have your birthday after the 20th. Of course, you cannot be on SSI or can’t have been on benefits before May 1997.
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First Social Security payments in August
The Administration will start disbursing payments on August 2, instead of August 3. This is because the third falls on the weekend. As it is a Saturday, Social Security rules say it must be sent on the previous business day.
Therefore, it had to be rescheduled so retirees aged 62 or older get their money on time. Well, in this case, 24 hours in advance. Needless to say, it will come in handy if you are broke.
To be eligible you must be on both SSI and retirement benefits. If not, you can also receive it if you began getting checks before May 1997. After August 2, those who do not qualify for the payday on the second but are on retirement benefits may get a payment on August 14 (birth date from 1-10).
Social Security on August 21-28
Retirees may also qualify for either the August 21 or August 28 payment. As long as they meet all the requirements and did not get any of the previous payments in July.
If your birthday is from 11-20, you will get your Social Security payment on August 21. Those who receive Social Security on July 24 will get their August payment on August 28.
To get $2,710 in July or August, you must have worked for 35 years, earned the contribution and benefit base all this time, filed at 62, and had jobs covered by SSA. Average payments can be about $1,300 for 62-year-olds. A lot less than the average for all which is $1,918.