If you are receiving retirement benefits or social security payments in the month of July, then you must be aware of the six payments that you can claim in the following month. You have read it right. The Social Security Administration (SSA) will be distributing six social security payments in the month of August 2024 to the eligible citizens of the country. You can check your eligibility requirements in order to claim the August month pension. In this article, I will provide you all the necessary details regarding the social security payments in August including its exact dates, eligibility criteria along with how much you can claim and the determining factors that can impact your monthly pension. Read the full post, so that you cannot miss any updates.
Social Security Payments August 2024
As we are proceeding towards the last week of July 2024, four of the five social security payments are already out while the last payment is scheduled to arrive on 24th of this month. The SSI beneficiaries who are entitled to social security after May 1997 and whose birth dates falls between 21st and 31st of the month will be claiming their payments. After this conclusive payment for July, the beneficiaries, unlike five social security payment dates each month, will now be able to see six different social security payment dates in the month of August 2024. As per the Cost of Living Adjustments (COLA) 2024, the social security claimants are getting 3.2% rise in their monthly pension as compared to previous year. It is due to rise in living expenses and inflation as measured by the Consumer Price Index (CPI).
As per the COLA increase for 2024, an eligible individual is able to claim $943 per month on qualifying the eligibility criteria. On the other side, a married couple who is filing a joint claim are eligible to claim a monthly social security benefit of $1,415 in August 2024. If you have any disability, then you are entitled to claim a payment amount of $1,537 per month on qualifying the disability requirements as set by the SSA. However, the payment amount that you are eligible to receive in 2024 will depend on certain factors, of which you must be aware about, or in other case your pension will be reduced. For instance, your age and your income during your employment years will play a key role in determining the average benefit you can claim in August 2024.
Social Security Payments in August 2024 Details
| Post title | Social Security Payments in August |
| Country | The USA |
| Concerned department | Social Security Administration |
| Category | Government aid |
| Applicability | Eligible citizens of the US |
| Month | August |
| Year | 2024 |
| Official website | www.ssa.com |
Eligibility Requirements for Social Security Payments in August 2024?
As a social security beneficiary, a person must be aware of the eligibility requirements in order to claim the monthly pension. I have provided the eligibility criteria in the following points:
- A person must be a citizen and permanent resident of the United States of America.
- As per the age requirement, a person must be at least 62 years old.
- A person must have a Social Security Number (SSN).
- A person must have minimum 40 work credits.
- If you have any disability, you can claim the disability benefits on qualifying the disability requirements as per the SSA’s definition of disability.
- Your income must not exceed the threshold income.
Factors that Can Impact Your Social Security Payments
- to be eligible for the social security payments, a person requires to hold work credits which he/she earns while working in their employment years. Minimum 40 work credits are required to qualify the eligibility criteria of the social security payments. In addition to it, how much and for how long you have contributed to the social security while you were employed will determine the average payment amount you can claim in your retirement age. Apart from that, your retirement age will play a key role in defining your maximum retirement benefits.
- For instance, you can retire as earliest at 62, however, your monthly pension will be reduced as compared to the person who retires at his/her full retirement age which is 65. If you opt to work in your post-retirement age, then SSA will provide you 8% bonus on an annual basis till you turn 70 years old. As of 2024, the maximum retirement pension you can earn at 62 is $2,710. However, you can maximize your retirement benefits by retiring at your full retirement age and can claim a monthly payment of $3,822. If you are still working in your post-retirement age, then you are eligible for the maximum retirement pension which is $4,873 as of 2024.
Social Security Payments in August 2024: Exact Payment Dates
As confirmed by the official department, the following month will have six payment dates unlike usual five payment dates each month. The SSI beneficiaries who are entitled to social security before May 1997 will be the first ones to claim their pension which will later continued to the retirement beneficiaries who are entitled to social security benefits before May 1997. The claimants who are receiving pension after 1997, their payment will arrive as per their birth dates on the second, third and fourth Wednesday of the month.
In addition to it, the final and extra supplemental payment for the month of August will arrive on 30th of the month which will be claimed by the SSI beneficiaries as September 1st falls on Sunday. You can check the detailed variant of the payment schedule in the following table:
| Category/Date of birth | Payment dates |
| SSI pension (before 1997) | August 1, 2024 |
| Retirement pension (before 1997) | August 2, 2024 (3rd of the month falls on weekend) |
| Birth date between 1st and 10th | August 14, 2024 |
| Birth date between 11th and 20th | August 21, 2024 |
| Birth date between 21st and 31st | August 28, 2024 |
| SSI pension (before 1997 of month September) | August 30, 2024 |
For more information or to apply and track your payment status, you are allowed to visit the nearby office or the official website of the Social Security Administration (SSA).
| Home Page | Click Here |
David has spent Several years reporting on the oil and gas industry, uncovering the latest trends and technological breakthroughs. His expertise in energy markets and passion for sustainable practices make his articles both insightful and forward-thinking. Davis’s in -depth analyses are a staple for professionals seeking to stay ahead in this dynamic field.