The August payments are almost over for most Social Security recipients (Social Security Disability Insurance and retirement benefits). However, for Supplemental Security Income (SSI) beneficiaries, they are about to start.
Next week will be great if you are looking forward to your next Social Security or SSI payment and you qualify. There are 3 groups of recipients who cannot get retirement or Social Security Disability Insurance benefits this week, simply because they have already received their money in August.
Social Security payments on August 28 2024
The next payment date for SSDI and retirement recipients will take place on August 28. However, you will not be eligible if you are receiving SSI payments or you got benefits before May 1997.
Retirees who qualify must have their birthdays from the 21st to the 31st. It does not really matter the month or year you were born as long as you have already filed and got the Administration’s approval.
The average payment retired workers can get in August will be about $1,919. Nevertheless, they could get up to $4,873 if they filed at 70, earned the taxable maximum for 35 years and had jobs that paid enough taxes to SSA. SSDI payments are $1,537 on average and up to $3,822 for high earners.
Social Security rescheduled the SSI payday
SSI was due on August 1, 2024. Therefore, there are no payments left for this month. But the SSI payment for September cannot be sent on Sunday, September 1, 2024. That is why Social Security has scheduled the Supplemental Security Income payments for Friday, August 30.
Social Security never arranges payment on federal holidays or weekends. Banks and offices would be closed, so they would not be able to send monthly payments when they are due. To avoid this, SSA sends money in advance.
SSI payments will be $695 on average. Some recipients may qualify for the largest payment for individuals, $943. Eligible married couples can receive up to $1,415. Essential persons can obtain a check worth up to $472 on August 30, 2024.
What is the average monthly payment for SSDI recipients and how does it compare to retirees?
According to the Social Security Administration, the average monthly benefit for disabled workers receiving Social Security Disability Insurance (SSDI) was $1,538.85 as of July 2024. This is lower than the average monthly benefit for retired workers, which was $1,919.40 in the same month.
Key points:
- SSDI benefits are paid to disabled workers who meet certain medical and insured status requirements
- The average SSDI benefit of $1,538.85 in July 2024 is barely enough to keep a beneficiary above the 2018 poverty level of $12,140 annually .
- For many SSDI beneficiaries, their monthly disability payment represents most of their income .
- The average Social Security retirement benefit was $1,919.40 in July 2024. It was about 25% higher than the average SSDI benefit.
Some additional context:
- Social Security retirement benefits can be higher than a retiree’s Primary Insurance Amount (PIA) if they delay claiming benefits past their full retirement age. The delayed retirement credit reaches 8% per year for those born after 1942 .
- SSDI benefits may be reduced if the recipient is also receiving certain other public disability benefits like Workers’ Compensation .
- There is a wide range in SSDI benefit amounts. The latest SSA data shows the overall average monthly SSDI benefit is $1,483.10, but the maximum possible benefit is much higher at $3,822 in 2024 .
Do SSDI and retirement recipients receive the same payment amount?
No, SSDI and retirement recipients do not receive the same payment amount, but the amounts are closely related. Here are the key points:
- Your SSDI benefits are usually equal to your retirement benefits at full retirement age.
- When you reach full retirement age (65-67, based on your birth year), your SSDI benefits switch to retirement benefits. However, the monthly amount remains the same. Only the name changes from “disability” to “retirement”.
- After converting to retirement benefits, you have options that could potentially increase your monthly payment:
- You can withdraw your retirement application and delay benefits up to age 70, earning delayed retirement credits each year you wait, which increases your benefit.
- Your dependents may become eligible for benefits based on your work record once you switch to retirement benefits.
- Survivor benefits for a spouse are usually the same for SSDI and retirement benefits. However, the calculations for family maximum benefits differ. This difference can affect survivor payments if your spouse cares for dependent children.