If you are not just receiving Social Security payments, you may also get an SSI payment on August 1. This will be the first payment date that the Administration has scheduled for Supplemental Security Income.
Generally, the Agency sends the first payment for retirees on the third day of the month. However, this payment may need to be sent in advance because of a holiday or the weekend.
Important change to Social Security payday in August
The Administration is going to send a payment on August 2, instead of August 3. This will mean millions of retirees will receive their money 24 hours in advance, which may come in handy if they rely on this money to get by.
The reason why Social Security had to reschedule the August 3 payment is because it falls on the weekend. SSA can never send payments on Saturdays or Sundays.
This is simply because the offices will not be open on those days and banks either. That could imply receiving the much-needed money with delay. Something many retirees can’t put up with.
Social Security informs of an SSI payday change for September
As a matter of fact, the SSI payment on August 1 will not be the only one next month. The second one, for September, will be due on August 30, 2024. SSA will send it ahead of schedule because September 1 is Sunday.
So, if you qualify for SSI on August 1, and you are also eligible for Social Security (retirement or SSDI benefits) you will receive 2 payments in a row. Keep in mind that the August 2 payment will be for those on SSI and Social Security at the same time.
But it will also be for those seniors who began collecting payments before May 1997. If you are 62 years old, you can now apply for retirement benefits. To get SSI you must have a disability, be blind, or be at least 65.
Is there any way for retirees to get notified about changes in their payment schedules in advance?
Yes, there are a few ways for retirees to get notified about changes in their payment schedules in advance:
- You get direct deposit notifications if you get retirement benefits that way. You will only get a paper notice when your payment amount changes. This ensures you are notified of any schedule changes that impact the payment amount.
- You can access your account online. Many retirement systems, like the federal government’s, allow retirees to do so. For example, the Office of Personnel Management (OPM) has an online portal called Services Online. There, federal retirees can view their current mailing address and other account details. Checking this regularly can help you stay informed of any updates.
- Retirees are usually told in advance about the annual COLA increases in their benefits. They get COLA notices. For example, federal retirees were told that those who have received benefits for at least a year will get a 3.2% COLA increase under CSRS. They will get a 2.2% increase under FERS. The increases will start in December 2023 and show in their January 2024 payment.
- Retirement systems increasingly offer electronic notifications. They come via email or text, not paper mail. For example, the Social Security Administration allows beneficiaries to create an online my Social Security account. They can use it to manage their benefits and communication preferences.