As summer comes to a close, the Social Security Administration (SSA) is gearing up to disburse the final wave of payments for August. This week, payments will be issued to a diverse group of beneficiaries, including retired workers, Supplemental Security Income (SSI) recipients, and Social Security Disability Insurance (SSDI) beneficiaries.
To streamline the payment process, the SSA follows a structured schedule based on the birth dates of recipients. Specifically, individuals born between the 1st and 10th of the month receive their payments on the second Wednesday, those born between the 11th and 20th on the third Wednesday, and individuals born between the 21st and 31st on the fourth Wednesday. However, this schedule has exceptions: retired workers who retired before May 1997 and SSI recipients receive their payments on different dates. SSI payments are distributed on the first day of the month, which can be challenging to track if one is not familiar with the SSA’s payment calendar.
For August, beneficiaries born between the 11th and 20th received their payments on the third Wednesday, in line with the schedule. These recipients are expected to have received an average payment of approximately $1,900, though individual amounts may vary based on specific factors.
The remaining payments for August will be disbursed on Wednesday, August 28th, for those born between the 21st and 31st. SSI payments for September, due to the 1st falling on a weekend, will be distributed earlier, on Friday, August 30th. This adjustment ensures that recipients have access to their funds before the weekend. Similar adjustments occur on national holidays, with payments advanced to the last business day before the holiday to avoid disruptions.
The amount each beneficiary receives can vary significantly. For retired workers, factors such as years of service, total Social Security taxes paid, and the age at retirement influence the payment amount. For instance, in July, the average payment for survivor benefits was $1,509.50, while spouses and children of retired workers received average payments of $910 and $892.39, respectively.
In 2024, payments for retired workers reflect a 3.2% Cost of Living Adjustment (COLA). As a result, the average monthly payment for a retired individual has been approximately $1,907, with retired couples receiving around $3,303 monthly. SSI beneficiaries have received an average monthly payment of $943 for individuals and $1,415 for couples.
The SSA annually adjusts payments to account for inflation, ensuring beneficiaries’ purchasing power remains stable. This adjustment, known as the COLA, is vital for preserving the value of Social Security payments. The COLA for 2024 was 3.2%, and the adjustment figure for the following year is expected to be announced in mid-October.