Changes to the payment schedule by the SSA will cause some Social Security beneficiaries to receive two payments within just weeks of each other in August 2024. This post clarifies who will be affected, why, and the dates of the two payments.
Overview of Social Security Payments
On August 2nd, a group of United States citizens will be able to recover SSDI from the Social Security Administration. This new check will be available for group 1 retirees only, which is the group of beneficiaries in relation to the requirement for the year of retirement. Any retirement beneficiary who belongs to this group of citizens can receive that day’s check.
Group 1 retirees are those who have had Social Security Administration SSDI, or any other type of retirement, since before May 1997. You may not get the payment in the first week of August, though, even if you are in this group of retirees. It also depends directly on the method of collection. We must remember that while the Social Security Administration may mail us a check on this day, we may not actually receive it until later.
Social Security provides an income source, for millions of Americans, maintaining the retirees, disabled, and survivors of deceased workers. Some of the benefits the SSA administers include the following:
- Social Security Disability Insurance: This is the basic insurance program available to people who become disabled and cannot work.
- Supplemental Security Income: Cash assistance is provided to persons aged sixty-five years and older, as well as to individuals that are blind or disabled with limited income and resources.
- Retirement benefits: Those of retirement age who had worked their whole lives and paid into Social Security.
Each type of benefit has its own pay schedule, generally based on birth date.
Why are there two payments in early August?
This double payment is caused by a rescheduling by the SSA. Generally speaking, all SSI payments are processed on the first day of the month. Since August 1 this year falls on Thursday, all the SSI recipients will have their payment processed on that very date.
Also, if you get SSDI or other retirement benefits, their payment will be on August 2, 2024. It means that some recipients will have received two payments in just 48 hours.
The SSA makes this adjustment so that, quite literally, beneficiaries do not have to wait unnecessarily for their funds; the first of the month sometimes falls on a weekend or holiday. In this case, since the first falls on a weekend this year, the SSA has decided to move these dates ahead to prevent financial hardship.
Who will receive two payments?
The two groups of Americans who are expected to receive two Social Security checks within the first week of August 2024 are SSI recipients. Everyone on Supplemental Security Income will have their benefit paid on the 1st of August. This money is supposed to help out those with the very lowest incomes and is crucial in helping them meet their basic needs:
- Individuals receiving both SSI and SSDI or RSB: Those claimingants who are paid for SSI, but qualify for a different type of Social Security, such as SSDI or retirement benefits, will get their SSI payment on August 1 and their SSDI or retirement payment on August 2. In essence, this means they have received two paychecks in two days.
- Long-Term SSDI recipients: Those beneficiaries who have been in the program a long time, prior to May 1997, will also have payments on August 2, immediately after the SSI payment on August 1.
On August 2nd, Group 1 retirees who have activated Direct Deposit will find the money hitting their checking account on the same day, with no other requirements or conditions needed. Hence, if you fall under that group of retirees, the SSDI from Social Security can enter your checking account soon.
Payment schedule for August 2024
To summarize, here is the entire schedule of payments for Social Security beneficiaries for the month of August 2024.
- August 1: SSI Payments are issued to all recipients.
- August 2: SSDI and retirement payments for recipients who also receive SSI.
- August 14: Social Security Payments for people whose birthdate falls between the 1st and 10th of the month.
- August 21: Payment for people whose birthdate falls between the 11th and 20th.
- August 28: Payments for people whose birthdate falls between the 21st and 31st of the month.
- August 30: Since September 1 falls on the weekend, the SSI payments for September will be due two days in advance.
This August 2024 revised Social Security payment schedule is going to bring about much-needed financial reprieve to millions of Americans who exist almost solely on SSI and SSDI benefits. The SSA aims to alleviate some of the ever-mounting financial burdens that vulnerable populations usually have to encounter just by getting the payments out efficiently and without hassle.
