by Social Security is a big deal for many Americans. It helps people who are retired, disabled or have lost a family member who used to support them. In 2024, some important things are happening with Social Security payments.
Let’s talk about what Social Security is, who gets it, and when payments will come in July and August 2024. We’ll keep things simple and explain everything step by step.
Why is this important? Well, if you get Social Security money, knowing when it will show up in your bank account helps you plan better.
You’ll know when you can pay bills or buy groceries. It’s like knowing when your paycheck is coming, but for people who don’t work anymore or can’t work.
In this article, we’ll cover:
- What Social Security benefits are
- The different types of benefits
- Who can get these benefits
- How much money people might get
- When payments will come in July and August 2024
- Answers to common questions
We’ll use simple words and short sentences to make everything easy to understand.
SSI SSDI VA Stimulus Check Payment Date 2024
Even if you’ve never dealt with Social Security before, you’ll be an expert by the end of this article!
What are Social Security Benefits?
Social Security benefits are money that the government gives to certain people.
It’s like a safety net to help folks who can’t work or have retired after working for many years.
There are three main types of Social Security benefits:
- Retirement benefits: For older people who have stopped working
- Disability benefits: For people who can’t work because of a health problem
- Survivor benefits: For family members of workers who have died
These benefits help millions of Americans every month. They’re not meant to be your only money, but they can help with bills and everyday costs.
Who pays for Social Security? If you’ve ever had a job, you’ve helped pay for Social Security. A little bit of money comes out of every paycheck to fund these benefits.
It’s like a big piggy bank that everyone puts money into while they’re working, so it’s there when they need it later.
Overview of Social Security Benefits
Let’s look closer at each type of Social Security benefit:
1. Retirement Benefits
- Who gets it? People who have worked and paid into Social Security for at least 10 years
- When can you get it? As early as age 62, but you get more money if you wait until your “full retirement age” (66-67 for most people now)
- How much? It depends on how much you earned while working and when you start taking benefits
2. Disability Benefits (SSDI)
- Who gets it? People who can’t work because of a serious health problem that will last at least a year or lead to death
- When can you get it? Any age, but you must have worked enough years and recently enough
- How much? It’s based on your past earnings, similar to retirement benefits
3. Supplemental Security Income (SSI)
- Who gets it? People with low income and few resources who are 65 or older, blind, or disabled
- When can you get it? Any age if you’re disabled, or at 65 if you’re not
- How much? There’s a base amount set by the government, but it can be less if you have other income
4. Survivor Benefits
- Who gets it? Widows, widowers, and children of workers who have died
- When can you get it? Various ages depending on the situation (e.g., 60 for widows/widowers, younger for those caring for the worker’s children)
- How much? It’s based on the deceased worker’s earnings record
Important to know: In 2024, Social Security benefits are going up by 3.2%. This is called a Cost of Living Adjustment (COLA). It happens most years to help benefits keep up with rising prices of things like food and gas.
Detailed Payment Dates for July-August 2024
Now, let’s get to the main event – when will you get your money in July and August 2024? The dates depend on what kind of benefit you get and, for some people, when your birthday is.
Supplemental Security Income (SSI) Payments SSI payments usually come on the 1st of each month. But if the 1st is on a weekend or holiday, you get paid on the last business day before that.
- July 2024 SSI payment date: Monday, July 1, 2024
- August 2024 SSI payment date: Thursday, August 1, 2024
Social Security Disability Insurance (SSDI) Payments SSDI payment dates are based on your birthday:
- If your birthday is on the 1st-10th of the month:
- July payment: Wednesday, July 10, 2024
- August payment: Wednesday, August 14, 2024
- If your birthday is on the 11th-20th of the month:
- July payment: Wednesday, July 17, 2024
- August payment: Wednesday, August 21, 2024
- If your birthday is on the 21st-31st of the month:
- July payment: Wednesday, July 24, 2024
- August payment: Wednesday, August 28, 2024
Veterans Affairs (VA) Benefits VA benefits usually come in the middle of the month, but the exact date can change:
- July 2024: Expected around July 17-19, 2024
- August 2024: Expected around August 14-16, 2024
Remember: These dates are when the money should show up in your bank account if you use direct deposit. If you get paper checks, they might take a few extra days to arrive in the mail.
Payment Dates for July and August 2024
Here’s a handy table to help you remember when payments are coming:
| Benefit Type | July 2024 Payment Date | August 2024 Payment Date |
|---|---|---|
| SSI | Monday, July 1 | Thursday, August 1 |
| SSDI (Birthday 1st-10th) | Wednesday, July 10 | Wednesday, August 14 |
| SSDI (Birthday 11th-20th) | Wednesday, July 17 | Wednesday, August 21 |
| SSDI (Birthday 21st-31st) | Wednesday, July 24 | Wednesday, August 28 |
| VA Benefits | Mid-July (around 17th-19th) | Mid-August (around 14th-16th) |
Understanding Your Social Security Payment
Now that you know when to expect your payment, let’s talk about some other important things to understand about Social Security benefits:
How much money will you get?
The amount of your Social Security check depends on a few things:
- For retirement and disability: It’s based on how much you earn while working. The more you earned (and paid into Social Security), the higher your benefit.
- For SSI: There’s a basic rate set by the government, but it can be less if you have other income.
- For survivors: It’s based on what the deceased worker would have gotten.
In 2024, the average monthly Social Security retirement benefit is about $1,907. But remember, that’s just an average. Some people get more, some get less.
What if the payment date falls on a weekend or holiday?
Don’t worry! If your regular payment date is on a Saturday, Sunday, or holiday, you’ll usually get paid on the Friday before. The Social Security Administration (SSA) tries to make sure you get your money before the weekend or holiday.
How will you get your money?
Most people get their Social Security benefits by direct deposit into their bank account. It’s fast and safe. If you don’t have a bank account, you might get a Direct Express card, which works like a debit card.
What if your payment is late?
Sometimes, things can go wrong. If you don’t get your payment when you expect it:
- Wait 3 business days
- Check with your bank to make sure there’s no problem on their end
- If you still don’t have your money, call the SSA at 1-800-772-1213
Can the amount of your benefits change?
Yes, it can. Here’s how:
- Cost of Living Adjustments (COLA): Most years, benefits go up a little to keep up with rising prices. In 2024, there’s a 3.2% increase.
- Working while getting benefits: If you’re under full retirement age and earn too much, your benefits might be reduced.
- Tax withholding: You can choose to have taxes taken out of your Social Security check.
FAQs:
Let’s answer some common questions about Social Security benefits and payment dates:
- 1. What if I don’t get my payment on the scheduled date?
If your payment doesn’t show up within 3 business days of when it should, call the Social Security Administration at 1-800-772-1213. They can help figure out what’s going on.
- 2. Can I change my payment date?
Unfortunately, no. The payment schedule is set by the Social Security Administration and can’t be changed for individual preference.
- 3. Do I have to pay taxes on my Social Security benefits?
Maybe. It depends on your total income. If Social Security is your only income, you probably won’t owe taxes on it. But if you have other income, you might have to pay taxes on part of your benefits.
- 4. What if I need to change my address or bank account information?
You can update your information online through your Social Security account, or by calling the SSA at 1-800-772-1213. Do this as soon as possible to avoid delays in getting your payments.
- 5. Can I get my Social Security benefits if I move to another country?
In most cases, yes. U.S. citizens can usually keep getting their Social Security benefits while living abroad. But there are some countries where the U.S. can’t send payments, so check with the SSA if you’re planning to move.
- 6. What’s the difference between SSDI and SSI?
SSDI (Social Security Disability Insurance) is for people who have worked and paid into Social Security but can’t work now because of a disability. SSI (Supplemental Security Income) is for people with low income and few resources who are 65+, blind, or disabled, even if they haven’t worked much.
- 7. Can I get both SSDI and SSI?
Sometimes. If your SSDI benefit is low enough, you might also qualify for SSI. This is called “concurrent benefits.”
- 8. How does the 3.2% COLA for 2024 affect my payments?
The 3.2% Cost of Living Adjustment means your monthly benefit will be 3.2% higher than it was in 2023. This helps your benefit keep up with inflation.
- 9. What if I think there’s a mistake in my benefit amount?
Contact the Social Security Administration right away. You can call them or visit a local office. They can review your record and correct any mistakes.
- 10. Can I see my Social Security information online?
Yes! You can create a My Social Security account at www.ssa.gov/myaccount. This lets you see your benefit amount, payment dates, and other important information.
Conclusion:
Understanding when and how you’ll get your Social Security benefits is important for managing your money. Here’s a quick recap of what we’ve learned:
- Social Security helps many Americans who are retired, disabled or have lost a family breadwinner.
- There are different types of benefits: retirement, disability (SSDI), Supplemental Security Income (SSI), and survivor benefits.
- Payment dates vary depending on the type of benefit and sometimes your birthday.
- In July and August 2024, payments will come on specific dates we’ve outlined above.
- Benefits are increasing by 3.2% in 2024 to help keep up with rising costs.
- If you have questions or problems with your benefits, you can always contact the Social Security Administration for help.
Remember, Social Security is there to help provide some financial security, but it’s usually not enough to live on by itself. It’s smart to have other savings or income if possible.
Knowing when your payments are coming can help you plan better and feel more secure. Keep this article handy as a reference, and don’t hesitate to reach out to the Social Security Administration if you need more information or help.
Stay informed, plan, and make the most of your Social Security benefits!