If you are a Social Security recipient, you should know when the August payments are due. The first day to get money will be August 1, but only for those beneficiaries who are on Supplemental Security Income.
August 2 will be the new payday for those on benefits before May 1997 and those who receive Social Security and SSI simultaneously. So, that implies there will be no payment on the third because it has been rescheduled.
No Social Security from August 4-10
According to the Administration’s payment schedule, there will be no money sent from August 4 through August 10. Bear in mind that the second round of payments started on July 10 last month.
However, retirees and disability insurance recipients will not get their money until August 14, 21 or even 28. To get money after August 2 you must meet the birth date requirement.
For example, if you were born from the 11th to the 20th, you qualify for a Social Security check or direct deposit on August 21. If born after the 20th, your payment date will be the 28th. The mid-August payment is for those born before the 10th of any month.
Requirements to receive Social Security benefits
On the one hand, you must have paid taxes to Social Security as you worked. That is you pay payroll taxes. In fact, not all Americans qualify for retirement benefits on their record.
This is because they must have worked for at least 10 years and earned 40 work credits. Each credit is worth $1,730 in earnings. So, a worker needs $6,920 in earnings to get the maximum number of credits in 2024.
Since you can only get 4 work credits per year, you will need a minimum of ten years to achieve 40. Then, to file for Social Security retirement benefits, you must be at least 62. Early filing is possible but it reduces your payment amount. Use a calculator or your Statement to see future payment amounts if you are working.