August payments are coming soon for eligible Social Security beneficiaries in the United States. This money is useful for those American workers who have not saved or invested enough. Still, it is just a supplement and it is not a good idea to put all your eggs in one basket.
Social Security retirement benefits will not be the first ones to arrive in August. In fact, Supplemental Security Income beneficiaries will be the first to cash their checks on August 1. Not surprisingly, they will be the last ones to get money from the Federal government on August 30 as well.
New August payments for Social Security in August
August 3 is usually the payday for those retirees on benefits before May 1997. However, the money will be in these recipients’ accounts on August 2 because August 3 is not a weekday.
SSI recipients who get SSDI or retirement benefits simultaneously will also receive their Social Security benefits on August 2. Therefore, they will receive SSI on August 1 and retirement or SSDI on August 2.
Those who are not eligible for retirement benefits on August 2 will have to wait until August 14, 21 or 28. It will depend on when their birthday is whether they get a check or direct deposit early or later in the month.
- Social Security on August 14: birth date before the 11th
- Social Security on August 21: born from 11-20 of any month
- Social Security on August 28: birthday after the 20th
Social Security maximum amounts in August
The Administration can pay up to $2,710 if you qualify for the largest retirement benefit at 62. Filing at Full REtirement Age allows you to get a payment of up to $3,822.
Nevertheless, the largest retirement benefit is for those who file at 70 and were high earners for 35 years. Needless to say, they must have paid enough taxes all those years.
In fact, the largest retirement benefit is worth $4,873. Too high if compared to the average retirement check of $1,918. The average SSI check is worth $697, but it can be up to $943 for individuals.
