In 2024, the government is updating the amounts and schedules for Social Security, SSI, SSDI, and VA benefits. These updates include a 3.2% increase due to the cost-of-living adjustment (COLA). This article will explain the new payment schedules, benefit amounts, and provide helpful tips on managing your monthly payments. It’s important to stay informed so you can make the most of your benefits.
Updated Benefit Amounts and Payment Schedules
In 2024, many people who rely on Social Security, Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI), and Veterans Affairs (VA) benefits will see changes in their monthly payments. Here’s a breakdown of how much each program will pay, when you’ll get your payments, and how to manage them.
Average Monthly Payments for 2024
| Benefit Program | Average Monthly Payment (2024) | Maximum Monthly Payment (2024) | Payment Schedule | Official Resource |
|---|---|---|---|---|
| Social Security Retirement | $1,907 | $3,822 | Based on birth date | SSA.gov |
| SSI | $943 (individuals) | $943 (individuals) | 1st of each month | SSA.gov |
| SSDI | $1,537 | $3,822 | Based on birth date | SSA.gov |
| VA Benefits | Varies | Varies | 1st of each month | VA.gov |
Social Security Retirement Benefits
In 2024, the average monthly Social Security retirement benefit is $1,907. However, the maximum payment for those who retire at full retirement age is $3,822. Social Security payments are based on the beneficiary’s work history and earnings.
Payment Schedule for Social Security:
- Birth Date 1st–10th: Payments on the second Wednesday.
- Birth Date 11th–20th: Payments on the third Wednesday.
- Birth Date 21st–31st: Payments on the fourth Wednesday.
For example, in November 2024, payments will be made as follows:
- November 13: Birth dates 1st–10th
- November 20: Birth dates 11th–20th
- November 27: Birth dates 21st–31st
Supplemental Security Income (SSI)
SSI is for people with limited income and provides a maximum federal benefit of $943 per month for individuals. Couples can receive up to $1,415. These benefits help with essential living costs like rent and groceries.
Payment Schedule for SSI:
SSI payments are typically made on the 1st of each month. If the 1st falls on a weekend or holiday, payments are moved to the last business day of the previous month. For example, in November 2024, SSI recipients will get two payments:
- November 1
- November 29 (due to December 1 falling on a Sunday)
Social Security Disability Insurance (SSDI)
SSDI benefits help those who are unable to work due to disability. In 2024, the average SSDI payment is around $1,537, and the maximum payment can be up to $3,822.
Payment Schedule for SSDI:
SSDI payments follow the same birth date-based schedule as Social Security retirement benefits:
- Birth Date 1st–10th: Payments on the second Wednesday.
- Birth Date 11th–20th: Payments on the third Wednesday.
- Birth Date 21st–31st: Payments on the fourth Wednesday.
For example, in November 2024, SSDI payments will be issued on:
- November 13
- November 20
- November 27
How to Make the Most of Your Benefits
To maximize your benefits, it’s important to understand your payment schedule and how to manage the funds you receive. Make a budget and prioritize essential expenses like housing, utilities, and food.
FAQ’s
How do I know when I’ll get my Social Security payment?
Social Security payments are based on your birth date. If your birth date falls between the 1st and 10th of the month, you’ll receive your payment on the second Wednesday.
Can I get both SSI and SSDI?
Yes, you may be eligible for both programs, depending on your circumstances. Check the official SSA website for more details on eligibility.
What if my payment falls on a holiday or weekend?
If your payment date falls on a holiday or weekend, it will be moved to the next business day. For example, if the 1st falls on a Sunday, the payment will be made on the previous Friday.