BIG NEWS: Social Security important announcement: new average payments for SSI, SSDI, and retirement updated
The average payments for Social Security retirement, Social Security Disability Insurance (SSDI), and Supplemental Security Income (SSI) may experience fluctuations based on the earnings of SSI recipients and the taxes paid by workers to the Social Security Administration (SSA) in the past. As of September 2024, there are positive signs as average payments for August have increased compared to July.
Average Payments for SSDI, SSI, and Social Security Retirement
The average payment for Social Security retirement benefits has reached $1,920 for all retired workers. Spouses of retired workers can expect an average payment of $909, while children of retired workers receive about $892. Notably, retirees are seeing an increase of $1 on average compared to July.
In comparison to the retirement checks issued in January, the August figures indicate a $13 increase, with January payments recorded at $1,907. However, SSDI beneficiaries have received lower average payments. As of August 2024, SSDI payments average $1,539, a slight increase from $1,489 in December 2023. This reflects a modest rise of just $2 compared to the January amounts. SSI recipients currently receive an average check of $698, which has recently increased, although previous announcements indicated a decrease.
Upcoming Payment Dates for SSDI, SSI, and Social Security Retirement Benefits
The Social Security Administration is set to continue issuing monthly payments throughout September and October. It’s important to note that individual payment amounts may vary. Here are the next scheduled payment dates:
- September 18: SSDI and Social Security retirement payments for those with birthdays from the 11th to the 20th. Recipients must not be on SSI and must not have been on benefits before May 1997.
- September 25: SSDI and Social Security retirement payments for those with birthdays from the 21st to the 31st. Again, recipients must not be on SSI and must not have been on benefits before May 1997.
- October 1: SSI payments for all eligible recipients, with no other paydays in September.
- October 3: Social Security retirement and disability insurance payments for those on benefits before May 1997 or for those also receiving SSI.
Eligibility Criteria for Retirement, SSDI, and SSI Benefits
To qualify for retirement benefits, individuals must be at least 62 years old, have earned sufficient work credits, and complete the necessary filing process. SSI is aimed at low-income individuals who often receive disability insurance or retirement benefits. SSDI is specifically for those who have a disability preventing them from working for over a year and who have paid sufficient taxes to the SSA.
In summary, while average payments for SSDI, SSI, and Social Security retirement benefits have shown some increases recently, future adjustments will largely depend on various factors, including inflation and recipient earnings. Staying informed about upcoming payment dates and eligibility criteria is essential for all beneficiaries.
