Millions of people with severe disabilities will receive their Supplemental Security Income (SSI) checks in August, with a maximum value of $943. These Social Security payments will be made within just ten days, providing financial relief to those who need it most.
To qualify for these payments, beneficiaries must meet certain criteria. Individuals need to be partially blind or have a physical or mental condition that severely limits daily activities for at least 12 months or could result in death.
Eligibility Requirements for Social Security Payments
Individual beneficiaries can receive up to $943 per month. Couples filing jointly can receive a maximum of $1,415. Additionally, an essential person, someone living with and caring for the beneficiary, can receive up to $472.
The U.S. Social Security Administration (SSA) issues millions of payments monthly to beneficiaries, primarily retired workers. However, specific payments are also available for people with disabilities who qualify for Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI).
Regardless of your situation, if you are a Social Security beneficiary, the SSA will automatically send your payment each month, following their check distribution schedule. Below, we detail who will receive a payment of up to $943 on August 1, 2024.
Who Will Receive the $943 Direct Payment on August 1
The exact amount received each month depends on each beneficiary’s personal situation. According to the SSA, the average monthly payment in 2023 for a retired worker in the U.S. was $1,907. SSI beneficiaries can receive up to $943 per individual and $1,415 for a qualifying married couple.
The payment date for retired workers is linked to their birth date. SSI beneficiaries, on the other hand, receive their checks on the first day of each month, unless that date falls on a Saturday, Sunday, or holiday. If that happens, the payment date is moved to the first available business day.
Next month starts on a Thursday, which is not a holiday, so on August 1, 2024, individual SSI program beneficiaries will receive a check for up to $943.
For retired workers, the payment date depends on their birth date:
- Born between the 1st and 10th of the month: receive their money on the second Wednesday of each month.
- Born between the 11th and 20th of the month: receive their check on the third Wednesday of the month.
- Born between the 21st and 31st of the month: are paid on the fourth Wednesday of the month.
For those who started receiving their payments before May 1997, the check is deposited on the 3rd of each month unless that date falls on a weekend or holiday. In that case, the payment date moves to the first available business day. This occurs in August 2024, so this payment date has been moved to Friday, August 2.
How Social Security Payments Work
Social Security in the United States is a government program that provides income to individuals in retirement, as well as to those who have become disabled and their dependents. Funded through payroll taxes, this program was established in 1935 as part of the New Deal.
Workers and their employers contribute a percentage of the worker’s income up to a certain annual limit. These contributions accumulate work credits that determine eligibility and the amount of benefits upon retirement or in case of disability or death.
Individuals can begin receiving full benefits at retirement age, which varies between 66 and 67 years, depending on the year of birth. They can also opt for reduced payments starting at age 62 or increased payments if they wait until 70.
Survivor benefits include payments to the spouses and minor children of deceased workers. These payments are essential for providing financial security and stability to families affected by the loss of the primary income due to retirement, disability, or death.
For those planning their retirement, the SSA offers an online tool to calculate estimated benefits. This calculator takes into account the age at which you plan to retire, your average income, and the years you have worked. Using this tool can help you get a clearer idea of your future income and better plan for retirement.
Importance of Payroll Taxes
Payroll taxes are essential for the operation of Social Security. Each worker and their employer contribute a percentage of the worker’s income. This money goes into a fund that pays for retirement, disability, and survivor benefits. The amount of taxes you pay throughout your working life directly impacts the amount you will receive upon retirement.
Concerns About the Future of Social Security
There is growing concern that the Social Security fund is depleting. Reports indicate that by 2035, the SSA may only be able to pay about 80% of full benefits. This is due to several factors, including an aging population and increased life expectancy. It is crucial to take measures to ensure the program’s viability for future generations.