Despite the fact that the Social Security Administration (SSA) scheduled a Supplemental Security Income payment on August 1, there will be another one before this summer month comes to an end.
SSI recipients will collect their September payment on August 30, 2024. Since Social Security never schedules payments on holidays or weekends, it had to be rescheduled for the previous business day. Instead of Sunday, September 1, the direct deposits will be in the recipient’s accounts on the 30th.
Which other payment has the Social Security Administration scheduled?
Although the payday will be the same for SSDI and retirement beneficiaries, August 28 will be when they can receive money from SSA. The thing is they need to meet several requirements before they can get this direct deposit or check. Social Security payment on August 28 if:
- you are not receiving SSI benefits
- you did not qualify for the August 2 payment
- did not start getting benefits before May 1997
- have your birthday after the 20th of any month
As a matter of fact, that will be the last payment for retirees aged 62+ and for SSDI recipients in August. When it comes to the amount of direct deposits, they could be higher for retirees. But how much?
How much money can Social Security pay to retirees and SSDI recipients?
The average retirement benefit payment is worth $1,918 claimed the Social Security last July. Those who are on SSDI will receive about $381 less on average unless they had worked for many years and earned a lot of money as workers.
SSDI payments can be worth $1,537 on average. However, if you qualify for the largest payment, it could be a check or direct deposit worth up to $3,822. SSI recipients get money from the Federal Government since it funds these benefits.
SSI amounts can be up to $1,415 for married couples or $943 for individuals. The largest payment is for high-earners on retirement benefits who can receive up to $4,873 from the Social Security Administration.