Eligible retirees will soon receive money from the Social Security Administration. After the previous checks and direct deposits, it is time for 2 different groups of beneficiaries to collect their monthly payment.
Eligibility will depend on when you filed for Social Security and the date you collected your first payment. It is also important whether you are a Supplemental Security Income recipient or not. Last, but most importantly, the birth date is essential.
24 hours to cash a Social Security check
If you are receiving retirement benefits but did not qualify for the August 2 or 14 payment, you may receive a new check within hours. Those who receive a paper check may need to wait for 3 mailing days to report a late payment if it was not on time.
Retirement benefits will be sent on August 21 for those seniors whose birthday is from 11-20. Bear in mind that these benefits already include the 2024 COLA, but retirees must wait until January to get the 2025 COLA boost.
The latest COLA projection is just 2.57% said the Senior Citizens League. Therefore, the January 2025 payment for Social Security recipients will not grow as much as in 2024, 2023, or 2022.
9 days to get Social Security on August 28
The last Social Security retirement benefit payment will be issued on the 28th. Thus, if your birthday is from 21-31 and you started collecting your payments after April 30, 1997, you may qualify.
If you are on retirement and SSI at the same time you do not qualify for the August 28 payday. SSI recipients will receive their September payment on August 30, 2024.
The average payment for retirees is worth $1,918. That is what SSA announced in the latest Monthly Statistical Snapshot, for July 2024 released in August. The largest retirement payment can be $4,873.
- Retirement payment on August 21
- Retirement payment on August 28
- SSI on August 30 (for September)
- Social Security on September 3: if on SSI and on retirement benefits, or collecting benefits before May 1997