In August 2024, the Social Security Administration (SSA) follows its strict essential payment schedule for all beneficiaries, taking into account several factors, such as each individual’s date of birth and the category of benefits to be delivered, to determine the dates of receipt.
We constantly remind beneficiaries to keep in mind the name of the benefit they receive, because Supplemental Security Income (SSI) is not the same as Social Security Disability Insurance (SSDI).
Their acronyms are very similar but they are different types of assignments and apply in very different situations.
Social Security Payments for the Second Half of August 2024
During the month of August, Social Security benefits are distributed in five different days, one for every group of beneficiaries.
Below is a breakdown of the specific dates for Social Security payments in August:
- August 2: This date is for those who have been receiving Social Security benefits since before May 1997.
- August 14: Payments assigned to people whose birthdays fall between the 1st and 10th of any month.
- August 21: Beneficiaries born between the 11th and the 20th will receive their payment on this date.
- August 28: This is the date for those who have a birthday between the 21st and 31st of any month.
- August 30: Second payment of SSI benefits that, in reality, correspond to the September payment (September 1 falls on a weekend).
Type of Social Security Benefits
Social Security offers a variety of benefits tailored to different needs:
- Retirement: This is the best-known Social Security benefit, designed to provide monthly financial support to people as they retire from the workforce. The amount received is based on the sum of income and age at retirement. During 2024, the maximum retirement benefits paid by the SSA is $4,873 per month.
- Supplemental Security Income (SSI): This program provides payments to people who are age 65 or older, blind, or disabled with limited financial resources. Unlike standard Social Security benefits, SSI does not depend on the beneficiary’s work history. The maximums are $943 for an individual, $1,415 for an eligible couple, and $472 for an essential person.
- Social Security Disability (SSDI): Offered to individuals who are unable to work due to a severe medical condition that lasts at least one year or results in death. This benefit also depends on the beneficiary’s work history. The maximum per month in 2024 is $3,822.
- Survival Benefits: These are directed to the family members of a deceased worker who qualified for Social Security benefits. They include financial support for widows, dependent children and, occasionally, elderly parents. The maximum depends on several factors and varies in each case.
What Happens if My Payment Is Delayed and Does Not Arrive at the Expected Date?
For people whose financial stability depends significantly on these payments, any delay can increase financial stress. SSA recommends waiting three additional business days if payment is not received by the estimated date. If after these days the payment has not arrived, it is essential to follow these steps:
- Contact SSA: Call 800-772-1213 for assistance. For efficient service, it is preferable to call between Wednesday and Friday, outside of peak hours.
- Verify Personal Information: Ensure personal and banking details are correct and up to date to avoid delays.
- Use the SSA Website and Its Free Tools: This tool allows beneficiaries to monitor the status of their payment and make necessary updates.
Additionally, those who opt for direct deposit will find that this option minimizes the possibility of delays, ensuring that payments are transferred electronically and in a timely manner.
Factors Affecting Payment Amounts
Beneficiaries should be aware of potential cost-of-living adjustments (COLAs). These modifications affect the total amount received and are designed to help beneficiaries maintain purchasing power in the face of inflation. Additionally, deductions such as Medicare premiums can influence the net amount deposited.
Changes in the beneficiary’s situation, such as moves or bank changes, could impact the payment schedule. Representative payees who manage benefits for others should also pay close attention to any potential variances.