The August payment months are nearly complete for most Social Security beneficiaries (SSDI and retirement). But for SSI beneficiaries, they soon will be.
Next week will be great if you are expecting your next Social Security or SSI payment and you are eligible. They say there are three categories of people who cannot have their retirement or Social Security Disability Insurance this week as they were paid in August already.
Social Security payments on August 28 2024
The next payment date for both SSDI and retirement will be on the 28th of August. Yet, you cannot apply for it if you are receiving SSI payments or if you were getting benefits before May 1997.
Employer-sponsored retiree medical benefits programs require retirees to have their dates of birth between 21 October and 31 October. It is not an issue what month or year you were born so long as you have applied and been accepted by the administration.
The average payment that retired workers could receive in August would be roughly $1,919. But if they filed at 70, earned the taxable maximum for 35 years and had jobs that paid enough taxes to SSA, they could get up to $4,873. SSDI payments are $1,537 for the average person and $3,822 for high-income earners.
Social Security rescheduled the SSI payday
The SSI was due on August 1, 2024. Hence, there is no payout anymore for this month. However, the SSI payment for September cannot be sent on Sunday, 1st September, 2024. It is for this reason that Social Security is going to pay the Supplemental Security Income on Friday, 30 August.
But Social Security always pays only business days and never during federal holidays or the weekend. Hospitals and post offices would be shut down and this means they would not be in a position to make monthly remittances as expected. To avoid this, SSA sends money in advance and Social Security’s rules require that any legal right created when the payment is made must also be recognized when the payment is collected.
Average SSI payments will be $695. Some will have entitlements to receive the highest individual payment, which is $943. Married couples can claim up to $1,415 when they meet the qualifying requirements of the program. The essential persons are allowed to receive a check of not more than $472 on the 30th of August 2024.
What is the average monthly payment for SSDI recipients and how does it compare to retirees?
For disabled workers who receive SSDI benefits, the average monthly benefit that this organization has reported is $1,538. 85 as of July 2024. President Biden’s infrastructure deal faces hurdles in the upper chamber. Biden campaigned on investing in infrastructure. Spending on infrastructure is the engine of growth. Partnerships between the public and private sector A joint effort of the government and the private sector This is below the monthly benefit for retired workers who received an average of $1,919.40 in the same month.
Key Points:
- SSDI benefits are provided to the disabled workers, provided they satisfy specified medical status and insured status.
- The SSDI benefit of the respondent was $1,538.85 dollars in July 2024, which is just enough to help a beneficiary escape the poverty level of $ 12,140 per annum earned in the financial year 2018/2019.
- Indeed, for most of the SSDI beneficiaries, this monthly disability payment makes up a large percentage of their total income .
- Now the average retirement benefit from Social Security was $1,919.40 in July 2024. It was approximately 25% more than the average SSDI benefit.
Some additional context:
- Benefits under the Social Security retirement program can be above the PIA if the retiree waits for benefit accrual beyond his or her FRM. The delayed retirement credit is gotten at 2% for every year up to 8% depending on the year of birth of the individual and retirement age, which applies to those born after 1942.
- There are provisions in SSDI whereby the claimant receiving other forms of public disability, such as Workers’ Compensation benefits, will have his benefits under SSDI cut down.
- The SSDI benefit gives a wide variation in terms of the amount that is payable. According to SSA statistics, the average monthly payment of SSDI is $1,483.10, while the net benefit at its peak in 2024 is much greater at $3,822.
Do SSDI and retirement recipients receive the same payment amount?
No, recipients of SSDI and retirement do not receive the same amount, but this amount is correlated in some manner. Here are the key points:
- Your SSDI benefits are normally equivalent to your retirement benefits for when you reach the full retirement age.
- If you are receiving SSDI and have not claimed your retirement benefits, your benefits will automatically change from SSDI to retirement when you attain full retirement age, which varies from 65 to 67 years depending on the year you were born. Nevertheless, the amount of the monthly payment does not change. The only modification from “disability” to “retirement” in the names of Hatley.
- After converting to retirement benefits, you have options that could potentially increase your monthly payment:
- Another option is the suspension of the retirement application and the deferral of benefits until the age of 70 and receiving additional delayed retirement credits.
- It is possible for your dependents to qualify for benefits based on your work record once you elect to receive retirement benefits.
- Benefits available for a spouse under one system are generally equivalent to those under another system, namely SSDI and retirement benefits. However, the manner for calculating family maximum benefits varies. This difference can impact the amount of survivor payment in case your spouse is a dependent of the children.