In August 2024, recipients of SSI, SSDI, and VA benefits will see some key updates and changes to their payment schedules and amounts. Understanding these details is crucial for planning your finances effectively, especially given the unique payment schedule this month.
Double Payments for SSI Recipients
For those receiving Supplemental Security Income (SSI), August 2024 is a bit unusual. You’ll receive two payments this month—one on August 1st and another on August 30th. This is due to the first of September falling on a weekend, so the September payment is being issued at the end of August instead.
SSDI and VA Payments
For those on Social Security Disability Insurance (SSDI) and Veterans Affairs (VA) benefits, your payment dates are based on your birth date:
- If your birthday falls between the 1st and 10th of the month, expect your payment on August 14th.
- For birthdays between the 11th and 20th, payments will be made on August 21st.
- If your birthday is between the 21st and 31st, your payment will arrive on August 28th.
VA benefits typically follow a similar schedule, usually paid during the third week of the month.
Cost-of-Living Adjustment (COLA)
In 2024, a 3.2% Cost-of-Living Adjustment (COLA) was applied to these benefits, which helps ensure that your payments keep pace with inflation. For example, the maximum monthly SSDI payment is now $3,822, reflecting this adjustment.
Financial Planning Tips
With these staggered payments, it’s important to plan your budget accordingly. Make sure to note these dates to avoid any surprises in your monthly income. If you have questions or need to check your payment status, you can do so through your “my Social Security” account online.
By staying informed about these updates, you can better manage your finances and ensure you receive all the benefits you’re entitled to this August.