Social Security benefits play an important role in the financial stability of most retirees. For those who usually get their paychecks on the first week of every month, the payment for August is around the corner.
The first set of payments, which are meant to be given out on August 3, will be disbursed on August 2. This is because the 3rd day of August falls on a Saturday, and the Social Security Administration does not pay during the weekends. The early payment ensures that all beneficiaries receive their money on time.
By the 2nd of August, most retirees will receive an average payment of $1,918. However, for retirees who filed their retirement benefits at the age of 62, their average payment will be about $1,300, which is lower than the normal rate. Retirees who did not file at the full retirement age but waited until age 70 will get a higher payment rate than $1,918.
This week’s first set of payments is for retirees who started receiving benefits before May 1997. The following payments are based on the retirees’ birth dates.
Eligibility Criteria for the Average Payment
This is the payment made on the first week of every month, and the eligibility criteria are as follows;
- Residency and Citizenship: The retiree must be a U.S. citizen or legal resident.
- Work Credits: The retiree must have earned enough work credits (at least 40 credits) through their employment history.
- Age: You must be at least 62 years old to receive this average payment. Your payment will differ depending on when you file for your benefits.Â
If you filed at age 62, your average benefit will be reduced by 30%; therefore, you will receive $1300. If filed at the full retirement age, your average benefit will be $1918, while at age 70, the payment will be increased.
- SSI and Retirement Benefits: You must be on both SSI and retirement benefits or have started receiving benefits before May 1997 to be eligible for the early August payment.
Upcoming Payment Dates for August
| Payment Date | Eligibility |
| August 2 | Retirees on SSI and retirement benefits or receiving benefits from May 1997 |
| August 14 | Retirees with birthdays from 1st to 10th |
| August 21 | Retirees with birthdays from 11th to 20th |
| August 28 | Retirees with birthdays from 21st to 31st |
