In an unusual week for the beneficiaries of the Social Security in the United States, the Social Security Administration (SSA) has announced that two separate payments will be made that will benefit different groups of people.
This exceptional measure will apply during the week of August 26-30, 2024due to the particularities of the payment schedules of two different programs: the retirement program and the Supplemental Security Income program (SSI).
Below we explain in detail who will receive these payments and why.
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Who will receive the first Social Security payment this week?
The first payment is directed to retirees who requested their benefits from the Social Security after 1997 and whose date of birth is between the 21st and 31st of any month of the year.
This payment corresponds to the last round of disbursements for the month of August and will be made on Wednesday August 28, 2024. It is important to note that this payment is based on the schedule established for retirement beneficiarieswhich distributes payments weekly based on each beneficiary’s date of birth.
The retirement benefit payments Payments are made exclusively on Wednesdays. Beneficiaries are divided into groups based on their date of birth, and each group receives their payment on a different Wednesday during the month. In this case, retirees whose birthdays are between the 21st and 31st will receive their payment on August 28, thus closing the payment cycle for the month. retirement for the month of August.
Who will receive the second Social Security payment this week?
The second payment scheduled for this week corresponds to the program Supplemental Security Income (SSI). This program provides financial support to elderly, disabled, or blind individuals who have limited income and resources. Unlike retirement payments, SSI payments are typically scheduled for the first day of each month.
However, this schedule is adjusted when the first day of the month falls on a non-working day, such as a Saturday, Sunday, or federal holiday. On this occasion, since September 1, 2024 falls on a Sunday, the SSI payment will be advanced to Friday, August 30, 2024. Therefore, beneficiaries of SSI They will receive two payments in August: one at the beginning of the month and another at the end, corresponding to the advance payment for September.
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Why is there a double payment this week?
This week’s double payment is a scheduled measure and responds to the policies established by the SSA to ensure that beneficiaries receive their payments in a timely manner, even when payment dates coincide with non-working days.
For beneficiaries of the retirement program, the payment aligns with the standard monthly payment schedule. Instead, for theSSI beneficiaries, Advance payment for September ensures that they receive their financial assistance without interruption, especially over a long weekend.
This double payment underscores the importance of knowing the different payment schedules and specific requirements of each Social Security program in the United States. If you are a beneficiary of one of these programs, it is crucial to be aware of the dates and reasons why they might change in order to properly plan your finances.
Follow the correct instructions to collect your pension.
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The week of August 26-30, 2024 It will be a key week for many Social Security beneficiaries in the United States.
With two scheduled payments for different groups, the SSA seeks to ensure that all beneficiaries receive their funds on time and without complications.
If you are beneficiary of these programs, be sure to check your bank account or your usual payment method to confirm that you have received the appropriate funds. Stay informed about payment schedule updates to effectively manage your finances.
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