Millions of individuals across the United States count on a monthly Social Security Income Payment from the government. However, the deposit dates for these payments can fluctuate, leading many to question when their Social Security Income Payment benefits will be credited to their bank accounts in August 2023. Unlike Social Security benefits, SSI does not depend on an individual’s work history.
In this guide to Social Security Income Payments for August, we aim to provide clarity on what to anticipate in the upcoming days. We delve into the specifics of Social Security payments for the month of August, with a focus on payments determined by birth age. However, it’s important to remember that various factors could impact eligibility.
What day will Social Security checks be deposited next month?
Social Security Income Payments generally come in two categories – Supplemental Security Income and standard Social Security Benefits. In the month of August 2023, Supplemental Security Income payments will be issued on Tuesday, August 1. For individuals who started receiving Social Security before May 1997, or for those receiving both Social Security and Supplemental Security Income, payments will be distributed on August 3, with Supplemental Security Income disbursed on August 1.
Subsequently, standard Social Security Benefits are assigned based on the individual’s birth date:
- For birthdays from the 1st to the 10th of any month, benefits will be deposited on Wednesday, August 10.
- For birthdays from the 11th to the 20th of any month, benefits will be deposited on Wednesday, August 17.
- For birthdays from the 21st to the 31st of any month, benefits will be deposited on Wednesday, August 24.
What is the difference between Social Security Income Payments and Social Security Benefits?
Social Security Income Payments and Social Security Benefits are both programs run by the Social Security Administration (SSA), but they serve different purposes and have different eligibility requirements. These are retirement benefits that individuals earn by paying into the Social Security system through payroll taxes during their working years.
The amount one receives in benefits is based on their lifetime earnings, with higher lifetime earnings resulting in higher benefits. Individuals are usually eligible to start receiving benefits at age 62, though the full retirement age is currently 66 or 67, depending on the year of birth. Social Security also provides survivor benefits to the spouse and dependents of a deceased worker and disability benefits to individuals who are unable to work due to a significant illness or impairment.
Supplemental Security Income (SSI) Payments: SSI is a program designed to help aged, blind, and disabled individuals who have little or no income. It provides cash to meet basic needs for food, clothing, and shelter. It is a needs-based program and is financed by general tax revenues, not Social Security taxes. The eligibility for SSI is based on income and resource limits.