Social Security Update – This Week’s Retirement and Disability Payments, but No SSI Checks Yet

The Social Security Administration (SSA) is preparing to send out direct deposits soon. If you haven’t yet collected your monthly payment, now is the time to check if you qualify. But who exactly is eligible for these upcoming payments? Let’s cut into the details.

Eligibility

When it comes to Social Security payments, not everyone qualifies for this week’s disbursement. If you started collecting Social Security benefits before May 1997, you are not eligible for this round of payments. Similarly, those receiving Supplemental Security Income (SSI) are also excluded from this batch.

However, if you’re receiving Social Security Disability Insurance (SSDI) or retirement benefits and you began collecting after April 30, 1997, you might be eligible. To determine if you’ll receive a payment, you’ll also need to meet specific birth date requirements.

Key Payment Dates

The SSA will issue payments on the following dates, based on your birth date:

• August 21: SSDI and retirement payments for individuals born between the 11th and 20th of any month.
• August 28: SSDI and retirement payments for individuals born between the 21st and 31st of any month.
• August 30: SSI payments for eligible individuals.

If your birth date falls within the specified ranges, you should expect to receive your payment according to the dates outlined above. This week’s payments aren’t the last for August; there’s another round of direct deposits scheduled for the fourth Wednesday of the month.

How Much Will You Get?

The amount you receive from Social Security isn’t fixed. It varies based on several factors, including your lifetime earnings, the taxes you’ve paid into the system, and the age at which you filed for benefits.

Example Payouts

• Maximum Payment: For those who earned the taxable maximum for 35 years and filed at age 70 in 2024, the highest possible payment is $4,873.
• Average Retiree Payment: Most retirees receive an average of $1,919 as of July 2024.
• Average SSDI Payment: If you’re on SSDI, your average payment is about $1,538.
• SSI Payment: Individuals receiving SSI can get up to $943, with the average payment being around $695.

These figures illustrate how varied Social Security benefits can be, depending on your specific circumstances.

What About the 2025 COLA?

Many Social Security beneficiaries are curious about the potential Cost of Living Adjustment (COLA) for 2025. While it’s too early to determine the exact COLA increase, these adjustments are typically announced in October and take effect in January of the following year. The COLA is designed to help benefits keep pace with inflation, ensuring that recipients maintain their purchasing power over time.

If you’re eligible for Social Security payments, it’s crucial to know when your payment is scheduled and how much you might receive. By knowing these key details, you can better manage your finances and plan for the future. Keep an eye out for further announcements from the SSA, especially concerning the 2025 COLA, as these adjustments could impact your benefits next year.

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