Find out everything you need to know about the Social Security Payment Dates for SSA, SSDI, SSI, and VA benefits in August 2024 in this article. Usually, the IRS sends out payments based on a set schedule. However, there may be changes to these dates for various reasons. We’ve broken down all the important details for you here.
Social Security Payment dates for SSA, SSDI, SSI, VA in August 2024
Great news for Social Security beneficiaries! Starting this month, they’ll see an increase in their payments. In 2024, the taxable earnings limit will rise to $168,600, up from last year. Beneficiaries might even receive multiple credits this year. Due to public holidays, payments for SSA, SSDI, SSI, and VA will be processed in August 2024.
Here’s what you can expect: the average payment for retirees will be $1,885, $3,067 for couples, $1,530 for people with disabilities, and $1,759 for widowers. Seniors need to submit the right documents to confirm their health and financial status. Make sure your application is accurate to avoid penalties. August payments will need to be completed online through the IRS’s main portal.
COLA Increase 2024
The IRS regularly reviews financial data to understand how the cost of living affects different groups. Their recent research shows that some people, especially low-income seniors, retirees, single individuals, and those with disabilities, are facing significant challenges.
In the U.S., about 47 million older adults live on a fixed income after retirement, making it tough for them to cover basic needs like food and housing. To help, the government provides financial support to ensure these bills are paid on time and to ease their financial strain. This assistance aims to help older adults live more comfortably without financial stress.
This year, COLA (Cost of Living Adjustment) will increase by 3.2%. Beneficiaries will see an extra $59 in their payments. On average, seniors will receive about $10 more each month. This increase will make a real difference for those on fixed incomes or who rely on others for support, helping them manage their expenses and live more comfortably.
SSA Payment Schedule 2024
The IRS has been having trouble verifying everyone’s applications. The easiest way to check is by looking at their tax returns. However, many people haven’t filed their taxes, and some have provided incorrect information.
Payments were initially set to start on August 1, 2024, but due to the holiday on December 31, 2023, and January 1, 2024, payments were actually made on December 29, 2023. For January 2024, payments will be made on the 3rd, 10th, 17th, 21st, and 31st, along with other scheduled dates. Going forward, payments will be made on the 3rd day of each month. If this date falls on a holiday, the payment date will be adjusted accordingly.
Social Security Disability Insurance
Social Security Disability Insurance helps people based on their medical needs, low income, or retirement. Currently, individuals with disabilities receive around $1,150, while those who are blind get about $2,590. Payments are made according to the beneficiary’s birthdate, so they receive the funds in their bank accounts on their birthday.
Retired and disabled seniors might need extra help, such as a caregiver. If they can’t afford this support, it can be challenging to manage daily life. To assist, the government provides a lump sum payment that can help with expenses and contribute to savings.
Social Security Payment Help
If you need help with Social Security payment dates, it’s best to contact the IRS directly and not through any other websites. Don’t enter your personal information on unfamiliar sites; they might seem helpful but could put your data at risk.
If you haven’t received your payment, reach out to the IRS for assistance. You can either email them or call their helpline at 800-772-1213. They’re available during regular business hours and have limited availability on weekends.