Social Security Recipients Can Expect to Receive an Extra Payment In August

Some Social Security recipients have some good news coming this August with an additional payment scheduled for the month.

This extra SSI payment can provide a welcome boost, helping retirees and their caregivers better manage expenses. If this is you, you'll be able to stretch your retirement income.

Understanding when these payments will be deposited is crucial for effective financial planning. Here's what you need to know about the upcoming Social Security payment schedule for August.

The Social Security Administration (SSA) disburses funds at different times throughout the month based on your birth date. Here's the schedule for regular Social Security benefits in August:

• Birthdate from August 1 to August 10: August 14
• Birthdate from August 11 to August 20: August 21
• Birthdate from August 21 to August 31: August 28

It's essential to understand the difference between Social Security (SS) and Supplemental Security Income (SSI). 

While Social Security benefits are based on your earnings record and can include retirement, disability, and survivors benefits, SSI provides financial assistance to aged, blind, or disabled individuals with limited income and resources.

If you received Social Security before May 1997 or if you're receiving both Social Security and SSI, your payment dates will differ. You'll receive your Social Security payment on August 3 and you'll receive your SSI payment on August 1 and August 30.

For all others, you'll receive your Social Security payment on August 2. Due to the double SSI payments in August, there will be no SSI payment in September.

Retirement, Survivors, and Disability Insurance (RSDI) benefits, also known as SSA benefits, are designed to provide financial assistance to workers and their dependents or survivors. The payment schedule for RSDI benefits follows a similar structure to regular Social Security payments:

• Birthdate from August 1 to August 10: August 14
• Birthdate from August 11 to August 20: August 21
• Birthdate from August 21 to August 31: August 28

Recipients of RSDI should mark these dates to ensure they receive their payments on time.

Nearly all Americans (97%) aged 60 to 89 either already receive Social Security benefits or will receive them in their lifetimes.

Social Security payments are essential for ensuring financial stability during retirement. These payments help many older Americans afford housing, cover daily living expenses, and manage healthcare costs.

Understanding cost-of-living adjustments (COLA) is crucial to ensure you're receiving the correct payment. In 2024, the COLA increased payments by 3.2% from the previous year, affecting January and subsequent payments.

If you notice any discrepancies in your August payment amount, definitely contact the Social Security Administration for clarification.

Although many Social Security recipients now receive their payments through direct deposit, some still rely on paper checks. If your payment is late, missing, or doesn't arrive at all, it's crucial to take immediate action.

First, contact your bank to verify the payment status. If the bank cannot confirm the deposit, reach out to the Social Security Administration (SSA) or your local office. You can contact the SSA at 1-800-772-1213 between 8:00 AM and 7:00 PM local time, Monday through Friday.

If you suspect that your Social Security payment has been stolen, it's vital to protect your identity and finances immediately.

Report your suspicions to your local Social Security office and law enforcement. Additionally, visit IdentityTheft.gov for further assistance in safeguarding your personal information.

August brings a welcome boost for some Social Security recipients with an extra payment scheduled.

This additional income can help manage expenses and ensure a stress free retirement. Make sure to mark the payment dates on your calendar and report any issues promptly.

Are you prepared to make the most of your retirement benefits and avoid any disruptions? Take steps now to secure your financial future and maximize your retirement savings.