Depending on when you file for Social Security retirement benefits, you may have a different payday. For example, if you started receiving benefits before May 1997 you usually get monthly payments on the third.
However, there are some payday changes from time to time. What is more, there is another group of beneficiaries who also get money from Social Security on the third day of the month. Those recipients who get both SSI and retirement benefits get money on the 3rd.
Next Social Security payments for pre-1997 retirees
Keep in mind that the following retirement benefit for those on benefits before May 1997 will not be on August 3, 2024. This is because August 3 is Saturday and the Administration never sends money on the weekend. Therefore, the money will not be sent on a normal day.
Instead, it will be sent one day in advance. This prevent any delays that there could have been if Social Security had scheduled the August payment on the weekend. For your information, banks may not be able to process payments on the weekend since they are not open.
Thus, many recipients will get their Social Security check or direct deposit on August 2, 2024. The last summer payment for this group of recipients will be on September 3. Those on SSI and retirement as well share paydays.
Social Security amounts for summer payments
The amount of your Social Security retirement benefit will depend on your work history and earnings. Nevertheless, it is possible to have an idea of what many pre-1997 retirees receive.
The average retirement benefit is worth $1,916 as of May 2024. Social Security may pay you less money if you did not have a well-paid job, did not pay much on taxes, filed early or did not work for 35 years.
Getting a larger payment if you have earned the taxable maximum for 35 years in jobs covered by SSA and filed at 70. The largest benefit for the 2024 summer is worth $4,873.