Come August 2024, many Americans are going to receive their Social Security payments, and one curious thing to note about the month is that recipients of the Supplemental Security Income are going to receive a second payment during the month itself, though note that this does not mean additional overall cash received. This article explains the entire schedule of payment, the reason for the second payment, and what it entails for beneficiaries.
August 2024 Payment schedule
According to the SSA, there is already a well-determined schedule of payment in August 2024, wherein different beneficiaries are paid at separate dates. Here is a breakdown of the statement above:
- August 1: SSI recipients will have their payout on this day. This is the standard date of payment for SSI. This shall ensure that people relying on such funds at the start of the month get them on time.
- August 2: Individuals who began receiving their Social Security retirement benefit prior to May 1997 will receive their payment on this day.
- August 14: Those with birthdays during the months of the 1st through 10th will have their respective payments made.
- August 21: The birthdays in the period from the 11th through the 20th are scheduled to have their respective payments.
- August 28: Individuals born between the 21st and 31st should receive their payments on this day.
- August 30: A second SSI payment will be made on this date, an important consideration for recipients who usually receive their monthly benefits at the beginning of the month.
This payment schedule enables the majority to better manage personal finances, particularly people who heavily rely on such funds for daily expenses.
Why is there a second SSI Payment?
The reason for the second SSI payment this August is due to a calendar adjustment. SSI payments are normally paid on the first day of the month. As September 1st will be a Sunday, the SSA has moved this month’s payment two days back, to Friday, August 30. This step by the SSA ensures that beneficiaries do not have to wait and hence face no financial strain.
The August 30 check is not a bonus but a precautionary move that keeps recipients having access to their funds without a hitch. This is part of the adjustments the SSA makes to ensure that their beneficiaries do not have to face financial distress.
Who will receive the extra $2,830?
Looking at the amount of the second SSI payment, it should be noted that $2,830, as some discussions mention, actually corresponds to the maximum monthly benefit amount applicable for certain recipients of Social Security benefits, especially persons with disabilities or other qualifying conditions. For the year 2024, the maximum SSI payment would be approximately $943 for an individual and $1,430 for a couple.
Nevertheless, the average Social Security retirement benefit is forecasted to be approximately $1,907 per month in 2024. Note that many will receive more or less, based on their respective work history and earnings – the $2,830 figure does not apply across the board to every SSI recipient.
Implications to beneficiaries
The double pay in August has as much opportunities as it creates challenges to beneficiaries. Of prime consideration are:
- Financial planning: The beneficiaries should note the dates for them to manage their cash flow efficiently. If a person knows the date on which he is going to have money in his pocket, that really helps in managing and planning monthly expenses.
- Direct deposit: By direct deposit, the beneficiary is guaranteed to get his or her payment on time and safely; thus, there are no chances of misplacing or losing a check.
- Stay informed: Beneficiaries must keep themselves updated about any schedule or amount changes. The SSA is available to help with customer service and for additional assistance.
- Budgeting for additional funds: This second SSI payment offers an individual a chance to catch up on overdue bills or for expenses in the near future but must be budgeted carefully to avoid overspending.
