The Social Security Administration (SSA) is responsible for distributing monthly benefits to retired workers, survivors, and individuals receiving Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI). Payments are typically made once a month, but in August 2024, an exception will occur: SSI recipients will receive two payments.
This month brings an unusual situation for SSI beneficiaries. SSI payments are generally sent on the first day of each month. However, if the first day falls on a Saturday, Sunday, or holiday, the SSA adjusts by sending the payment on the last business day of the previous month. In 2024, September 1st falls on a Sunday, so the payment will be moved up to Friday, August 30th. Therefore, SSI beneficiaries will receive one payment on August 1st and another on August 30th.
Social Security Payment schedule for august 2024
Because the September payment is being advanced to August 30th, SSI recipients will not receive a payment in September. The next payment will occur on October 1st, following the usual schedule. It’s important for beneficiaries to plan their finances with this double payment in August and the absence of a payment in September in mind.
To avoid any confusion, here’s a detailed payment schedule for August:
- Thursday, August 1st: Regular SSI payment for all beneficiaries.
- Friday, August 2nd: Payment for those who began receiving benefits before May 1997.
- Wednesday, August 14th: Payment for beneficiaries born between the 1st and 10th.
- Wednesday, August 21st: Payment for beneficiaries born between the 11th and 20th.
- Wednesday, August 28th: Payment for beneficiaries born between the 21st and 31st.
- Friday, August 30th: Advanced SSI payment for September.
How much will SSI beneficiaries receive?
This year, the maximum SSI benefit amount has increased. Individuals can receive up to $943 per month, while couples can receive up to $1,415. However, the exact amount varies depending on personal circumstances, including other income and resources available to each beneficiary.
SSI payments are disbursed in two ways: through direct deposit to the bank account provided to the SSA, or by check sent via postal mail. Direct deposits are faster and more secure, whereas checks can take longer to arrive and may be subject to potential delays.
Financial planning for double payment
Receiving two payments in August can be advantageous, but it can also present a challenge if not managed properly. Beneficiaries should keep in mind that although they will receive two payments in a short period, there will be no income in September. Planning and budgeting effectively for these additional funds can help prevent financial issues in the following month.
- Carefully budget: Create a budget that covers both August and September, ensuring that funds are sufficient for the entire period.
- Save part of the second payment: Consider setting aside a portion of the August 30th payment for use in September.
- Consult with a financial advisor: If possible, seek advice to better manage these funds and any other income.
The SSA’s payment schedule adjustment for August 2024 means SSI recipients will receive two payments that month, one at the beginning and another at the end. This unusual situation arises because September 1st falls on a Sunday, prompting the SSA to move the payment to the last business day of August. While this double payment can be beneficial for many, it is crucial to plan ahead to avoid financial difficulties in September. Stay informed and ensure you manage your benefits wisely to secure your financial well-being.
