August 2024 is shaping up to be an unusual month for SSI beneficiaries due to changes in the payment schedule caused by dates falling on weekends. With nearly 68 million Americans depending on these payments each month, any modification can have a big impact. This group includes retirees, survivors, people with disabilities, and others who rely on these funds for their financial well-being.
For those receiving Supplemental Security Income (SSI), the payment date is usually the first of the month. However, because September 1, 2024, is a Sunday, the September payment will be moved up to Friday, August 30. This means that SSI recipients will receive two payments in August and none in September, a situation that may require careful financial planning.
SSI payment schedule for august 2024
For August 2024, Social Security payments will be distributed based on your birthdate. It is crucial to be aware of these dates to properly plan your finances:
- If your birthday is between the 1st and the 10th, you will receive your payment on Wednesday, August 14.
- If your birthday is between the 11th and the 20th, your payment will arrive on Wednesday, August 21.
- If your birthday is between the 21st and the 31st, you will receive your payment on Wednesday, August 28.
What to do if your social security payment is missing
If you find that your Social Security payment is missing, it is important to act quickly. You should wait three business days before contacting the Social Security Administration (SSA). The SSA’s toll-free national number is 1-800-772-1213, available Monday through Friday from 8 a.m. to 7 p.m. local time. For quicker service, it is recommended to call in the morning, late in the week, or late in the month.
False information about SSI payments
Recently, false information has been circulating about a supposed $600 increase in Social Security benefits in August 2024. It is crucial to clarify that this information is incorrect. Social Security benefits are calculated based on the beneficiary’s highest 35 years of earnings, and the amount received can vary depending on the age at which benefits are claimed. Delaying your claim until age 70 can result in higher payments, but there is no extra $600 increase planned for August.
The Social Security Administration does not require additional information to issue legitimate Cost-of-Living Adjustments (COLA), which are announced in October and take effect in January. Inspector General Gail S. Ennis has emphasized the importance of protecting your personal information, as false reports are often scams aimed at stealing identities or money. Social Security Commissioner Martin O’Malley has also warned that reports of a $600 increase are false and that beneficiaries should not fall for this scam.
Financial planning for august and september
Since SSI recipients will receive two payments in August and none in September, it is crucial to plan carefully. Here are some tips for managing these payments efficiently:
- Create a monthly budget: Organize your income and expenses to know how much you can spend in each category.
- Prioritize essential expenses: Ensure you cover basic needs first, such as housing, food, and health.
- Save a portion of your income: Allocate part of your Social Security and SSI checks to an emergency fund.
- Review your expenses regularly: Adjust your budget as necessary to maintain control over your finances.
Impact of the advance payment on your monthly budget
The advance payment on August 30, which corresponds to the September check, can be advantageous because it allows you to access the money earlier. However, this means there will be no other check until October. Plan your expenses to ensure you cover the entire period until the next payment.
To effectively manage the advance September payment, follow these steps:
- Plan your expenses for the entire month: Ensure that the money received covers all September expenses.
- Avoid unnecessary expenses: Maintain strict control over your purchases to avoid running out of funds mid-month.
- Reserve a portion of the payment: If possible, save part of the check for emergencies.
SSI and Social Security payments are essential for the financial stability of millions of Americans. Knowing the requirements and payment dates allows you to better plan your finances and ensure you receive all the benefits you are entitled to. Stay informed about Social Security payments and organize your expenses in advance to make the most of these incomes. With good planning, you can enjoy greater peace of mind and financial security.