Since the August payments are just around the corner, it is high time you got ready and prepare your monthly budget and expenses. Social Security has scheduled a total of 6 payments next month.
Of course, you may only be eligible for 2 different types of benefits and up to 3 payments. For example, if you are on SSI, you will receive money on August 1 and August 30, 2024.
Social Security payments in early August
There is an important change that will affect positively some retirees. Those retirees on Social Security before May 1997 usually get retirement benefits on August 3.
Nevertheless, they will receive next month’s payment on August 2. The reason is simple, August 3 falls on a Saturday this year. Therefore, Social Security had to set it on a different payday.
Since SSA never pays on the weekend or holidays, Friday, August 2 has been the chosen day. So eligible retirees will get money 24 hours in Advance. In fact, there is another group of retirees who may receive 2 checks on 2 consecutive days.
Are you on SSI and Social Security?
If you are receiving Social Security and SSI simultaneously, you will receive SSI on August 1 and Retirement or disability benefits on August 2. So, 2 payments in a row.
As you may have guessed, if you are on SSDI and SSI, you will also receive a payment on August 1 and another one on August 2. So, these consecutive payments are not just for retirees on SSI.
Mid and late Social Security payments will be arriving on August 14, 21 and 28. As for the average amounts, they could be about $1,918 for retirees and $1,537 for SSDI recipients.
Those Social Security recipients may get a smaller SSI payment of about $574 if they are 65 years old or older. If you are 18-64 and receive SSI, you may get about $743. Do not hesitate to apply for SSI if you are on a shoestring budget.