Seniors must be very careful with their money when they retire. A lot of retirees depend on Social Security and their own savings to keep their finances in good shape and meet their wants. For retirees’ financial health, knowing when their Social Security payments will come in is important. It helps them budget their money and avoid financial problems.
SSA Calendar
This is how the Social Security Administration (SSA) plans to pay people in 2024. This week, people who retire on Social Security will not get a check. The SSA gives monthly benefits to about 70 million people. The exact date of payment depends on the person’s birth date and the type of benefit they are receiving. Supplemental Security Income (SSI) benefits are always given out on the first of the month. However, retirement and disability benefits (SSDI) are based on the person’s date of birth.
Who Already Got Paid?
Some people have already gotten their checks this month. This covers people who get SSI, people who have been getting retirement benefits since before May 1997, and people who live abroad and get retirement benefits. SSI gives regular payments to adults and children over 65 who are blind or disabled and don’t have a lot of money.
You can get SSI on its own or along with retirement payments. SSDI is for people of working age who have disabilities that keep them from working. When these people retire, their SSDI turns into retirement payments that are paid on the same schedule as SSDI.
Upcoming Payments
SSA sends funds to people who have retired since May 1997 during the second or third week of the month. You’ll be paid in the second week if the month starts on a Monday, Tuesday, or Wednesday. If the first of the month is a Thursday, Friday, Saturday, or Sunday, payments are made in the third week. Payments are usually sent out on the second Wednesday of every month, which can be confusing because people often think it’s the second week.
This year, August started on a Thursday, so payments will begin next week on Wednesday, August 14. People whose birthdays are between August 1 and August 10 will get their money on August 14. People born on August 11–20 will get their money on August 21, and people born on August 21–31 will get their money on August 28.
Missing Payments?
The SSA says that if you don’t get the rewards you were expecting, you should wait three business days before calling them.
August Schedule Variation
A special payment plan is in place for August. People who get SSI will get their September payment early because September 1 is a weekend. In a blog post from 2022, the SSA said, “We do this so that you don’t lose money and so that you don’t have to wait past the first of the month for your payment.” You don’t need to call us to report the second payment because it doesn’t mean you got paid twice in the previous month.
Payment Amounts
The amount that Social Security recipients get depends on things like when they started getting payments and when they made the most money. In June 2024, the average salary for people who had retired was $1,869.77.
Dealing with the complicated parts of Social Security payments can be hard, but retirees can better handle their money if they know the schedule and important dates. By keeping track of these details, seniors can make sure they have enough money and peace of mind during their retirement.
FAQs
Will I get a Social Security check this week?
No, there are no Social Security checks distributed this week.
When is the next Social Security payment?
Next payments start on August 14 for certain recipients.
What if I don’t receive my payment?
Wait three working days before contacting the SSA.
Why did I get my September SSI payment early?
September 1 is a weekend, so payment is advanced.
How much is the average Social Security benefit?
The average benefit for retired workers in June 2024 was $1,869.77.