A round of Social Security payments are scheduled to go out this week, with payments as large as $4,873 for those who applied for benefits at age 70 or older, and who had high incomes for much of their working lives.
As you know, the Social Security Administration (SSA) sends its payments to recipients of retirement and disability benefits (SSD benefits) on the second, third, and fourth Wednesday of each month. In these three payment days, benefits are distributed to qualifying individuals based on their dates of birth:
- The second Wednesday for those whose birthday is between the 1st and 10th of each month.
- The third Wednesday of each month is for those beneficiaries who turn between the 11th and the 20th of each month.
- The third Wednesday is for beneficiaries whose birthdays are between the 21st and 31st of each month.
One More Retirement, SSDI Payment Pending in August
In other words, next Wednesday in August, which would already be the last of the month, the payment will be sent to beneficiaries who have their birthday between the 21st and 31st of each month, both retirees and SSDI recipients.
On August 31 there is an extra payment for Supplemental Security Income (SSI) beneficiaries, but it is not exactly additional money that the SSA sends you. It turns out that SSI benefits are sent on the 1st of each month, but at the same time, the agency does not send bank deposits or checks on holidays or weekends. Here is the explanation why the SSI payment is advanced to August 31.
Other Social Security Payments to Be Sent in September
Once the August 2024 payment schedule is completed, the shipping rounds restart, but this month does not start on the 1st (as we explained in the previous paragraph) but begins after:
- September 3: Payment for those beneficiaries who receive both SSI and Social Security retirement (the SSI payment was made on August 31).
- September 11: Payment for beneficiaries whose birthday is from the 1st to the 10th (Second Wednesday)
- September 18: Payment for beneficiaries whose birthday is from the 11th to the 20th (Third Wednesday)
- September 25: Payment for beneficiaries whose birthday is from the 21st to the 31st (Fourth Wednesday)
How Much Income Can I Have and Still Qualify for Supplemental Security Income (SSI)?
If you receive Supplemental Security Income (SSI) and also have a job or another source of income, it is important to know that what you earn can influence the SSI benefits you receive.
If your income or assets exceed certain limits, your SSI benefits could be reduced or even stopped. However, there are ways to manage these income and asset limits, such as using ABLE accounts. Below, I’ll explain how these accounts work and other important things about SSI.
SSI recipients must meet certain limits on the monthly income they can earn and the amount of “countable resources” they can have, that is, their assets.
- Income limit: SSI recipients cannot earn more than $1,971 per month.
- Asset Limit: Beneficiaries cannot own more than $2,000 in assets.
If you exceed these limits, your SSI benefits may be reduced or stopped. However, you can prevent this from happening by using ABLE accounts, which allow you to save money without it counting against income or asset limits, which could help you keep your SSI benefits.
Achieving a Better Life Experience (ABLE) accounts are designed for people with disabilities and allow you to save money for qualified expenses without affecting SSI eligibility. This way, you can continue receiving your benefits while saving and managing your finances more effectively.