The Social Security Administration has not scheduled the first retirement payment until August 2. Therefore, this group will not be the first one to get money in August since SSI recipients will do so on August 1.
However, eligible retirees will collect their August payment one day before the normal date. This is because August 3 is not a possible payday for the Administration since it is not a weekday.
Eligibility for Social Security on the 2nd
To get a retirement benefit payment on August 2 you must belong to one of the following 2 groups. In the first place, you will receive money from the Administration on the 2nd if you began receiving checks or direct deposits from SSA before May 1997.
Many other retirees do not qualify for this reason. In fact, they do so because they are eligible for both Supplemental Security Income and Social Security retirement benefits.
Getting these 2 monthly payments ensures recipients with a low income get their cash early in the month. In this way, they do not have to wait so long for this necessary money.
Will retirees receive the same amount from Social Security?
The average payment for retirees will be about $1,918. However, it is not possible that all retirees receive the same payment amount because it depends on the workers’ history and background. For example, if you have just worked for 10 years and earned 40 work credits, you qualify for retirement benefits.
Nevertheless, your payment amount will be much lower than the one for a worker who has worked for 35 years and had a well-paid job. What is more, all workers must file and get approval from SSA.
That will not be the largest benefit though. A person who has earned the taxable maximum for 35 years or more, has worked for 35 years, and filed at 70 can get a Social Security check worth $4,873.