Social Security Payments Are Due on This Day in August

When Will Social Security Checks Be Deposited Next Month?

Social Security Income Payments come in two categories: Supplemental Security Income and standard Social Security Benefits. In August 2023, Supplemental Security Income payments will be issued on Tuesday, August 1. For individuals who began receiving Social Security benefits before May 1997 or those receiving both Social Security and Supplemental Security Income, payments will be distributed on August 3, with Supplemental Security Income disbursed on August 1.

Social Security Benefits Distribution by Birth Date

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.

Understanding the Difference Between Social Security Income Payments and Social Security Benefits

Both Social Security Income Payments and Social Security Benefits are programs administered by the Social Security Administration (SSA). However, they serve different purposes and have distinct eligibility requirements.

Social Security Benefits

Social Security Benefits are retirement benefits earned by individuals through payroll taxes during their working years. The amount one receives in benefits is based on their lifetime earnings, with higher earnings resulting in higher benefits. Generally, individuals become eligible to start receiving benefits at age 62, although 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, as well as disability benefits to individuals who are unable to work due to a significant illness or impairment.

Supplemental Security Income (SSI) Payments

On the other hand, Supplemental Security Income (SSI) is a program designed to assist aged, blind, and disabled individuals with little or no income. It provides cash assistance to meet basic needs for food, clothing, and shelter. SSI is a needs-based program, and its funding comes from general tax revenues, not Social Security taxes. Eligibility for SSI is determined based on income and resource limits.

By understanding the distinctions between these two programs, individuals can better plan for their financial needs in August 2023 and beyond.