By Raul Rodriguez Cota
01 Aug 2024, 11:41 AM EDT
The Social Security Administration has scheduled the first retirement payment for August 2.
This means that retirees will receive their money one day earlier than usual, since August 3 is not a business day for the Administration.
Although Supplemental Security Income (SSI) recipients will receive their money on August 1, retirees will not be the first to receive their payments that month.
This is because August 3 falls on a non-working day for the Administration.
Eligibility for Social Security payment on August 2
To receive your retirement payment on August 2, you must be in one of these two groups:
1. People who began receiving Social Security checks or direct deposits before May 1997.
2. Individuals who are eligible to receive both Supplemental Security Income (SSI) and Social Security retirement benefits.
Will retirees receive the same amount?
The average payment for retirees will be around $1,918.
However, not everyone will receive the same amount, as it depends on each person’s work history and income.
For example, someone who has worked only 10 years and earned 40 work credits will receive less money than someone who has worked 35 years in a well-paying job.
The largest retirement benefit is awarded to those who have earned the maximum taxable amount for 35 years or more, have worked for 35 years, and applied for benefits at age 70.
This group of people can receive a Social Security check of up to $4,873 dollars.
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