The Social Security Administration (SSA) will soon send direct deposits. So, if you have not collected your monthly payment yet, you should check if you qualify for this money.
Bear in mind that you will not be eligible if you started collecting Social Security before May 1997. Those who are receiving SSI (Supplemental Security Income) benefits do not qualify either.
Social Security eligibility for this week’s payment
The Administration will only send direct deposits or checks to some SSDI and retirement beneficiaries in the United States, as long as they have received benefits after April 30, 1997, and meet the birth date requirement.
- SSDI payment on August 21: birthday from 11-20
- SSDI payment on August 28: birthday from 21-31
- Retirement payment on August 21: birth date from 11-20
- Retirement payment on August 28: birth date from 21-31
- SSI payment not scheduled for this week, due on August 30, 2024
As you can see in the previous list, this week’s payment from Social Security will not be the last one. As a matter of fact, there will be another round of direct deposits on the fourth Wednesday in August. But how much will recipients get? And will beneficiaries get the 2025 COLA?
Social Security payment amounts for August 21 & 28
There is no fixed amount for SSDI or retirement benefits in the United States. It will depend on your earnings as a worker, the amount of taxes you paid to Social Security and when you filed for benefits whether you get more or less money.
For example, if you earned the taxable maximum for 35 years in jobs covered by Social Security, you will get $4,873 if you file at 70 in 2024. However, this is just the largest payment for those who were high earners for many years.
On average, retirees can get $1,919 as of July 2024. If you receive SSDI benefits, you could get $1,538 on average. SSI recipients can get up to $943 for individuals and $695 on average.