Last August Social Security Payment Confirmed

The U.S. government has confirmed that the August 28th payment will be the last Social Security retirement payment for this month. The Social Security Administration distributes these payments once a month, with the schedule varying based on the group of retirees. To be eligible for the August 28th payment, recipients must have been receiving their retirement benefits since after May 1997.

Their birthdays must also fall between the 21st and 31st of any month. Meeting these conditions guarantees the receipt of the payment, which will either be deposited directly or arrive a few days later via traditional mail. In addition to the last retirement payment for August, eligible recipients will receive an extra check before the month’s end.

This additional payment, scheduled for August 30th, is part of the Supplemental Security Income program. The extra payment corresponds with the September payment schedule and occurs earlier because September 1st falls on a weekend. The SSA policy dictates that payments due on a weekend are issued on the preceding business day, resulting in the August 30th disbursement.

Two rounds of Social Security payments will hit bank accounts this week from the Social Security Administration.

August’s security payments and schedule

Those receiving Social Security benefits and Supplemental Security Income will both be paid this week, with the latter receiving their monthly money slightly earlier than usual.

The amount received by Social Security recipients varies based on several factors such as the age at which benefits were claimed and the individual’s highest-earning years of work. Across all Social Security recipients, the average benefit is expected to increase slightly, with the latest prediction from the Senior Citizen’s League estimating a 2.63 percent rise. The financial advice website Motley Fool has predicted a slightly higher rise of 2.8 percent to 2.9 percent.

If these predictions hold, it would be the lowest annual increase since 2021’s 1.3 percent adjustment. While this indicates that inflation is cooling and prices are not rising as much as they have in recent years, it also means benefit claimants can expect to get a smaller boost than in recent years. In 2024, Social Security benefits increased by 3.2 percent.

In 2023, a historic rise of 8.7 percent was granted to retirees and other benefit claimants due to high inflation. The next cost-of-living adjustment update is set to be announced in October. While a specific date has not been confirmed, rates were announced on October 12 in both 2022 and 2023.