Hey, If you’re receiving Social Security benefits, you might be wondering when your next payment is coming. Well, We’ve got the scoop on when you can expect your money in August. Depending on when you started collecting Social Security retirement or SSDI benefit payments, you may get your money on a different date.
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Three Payment Dates to Remember
If you started collecting Social Security benefits after April 30, 1997, your payment date depends on your birthday. Yep, you read that right! Here are the three payment dates to keep in mind:
- August 14: If your birthday is before the 11th
- August 21: If your birthday is between the 11th and 20th
- August 28: If your birthday is between the 21st and 31st
How Much Will You Get?
Your payment amount doesn’t depend on when you get paid, but rather on your work history. For example, if you worked for 35 years and earned the maximum taxable amount, you could get up to $4,873, the average payment for retirees is $1,918, and for SSDI recipients, it’s $1,537.
Can I Work While Getting Disability Benefits?
If you’re receiving SSDI benefits, you might be wondering if you can still work. The answer is yes, But there are limits to how much you can earn. In 2024, you can earn up to $1,110 per month without affecting your benefits. And if you’re part of the Ticket to Work Program, you might be able to get additional benefits.
How Taxes Affect Your Benefits
If you’re single and earning between $25,000 and $34,000, you might have to pay taxes on up to 50% of your benefits. And if you’re earning more than $34,000, up to 85% of your benefits could be taxable.
FAQs
How much can I earn while receiving SSDI benefits?
You can earn up to $1,110 per month without affecting your benefits.
Will I have to pay taxes on my Social Security benefits?
Yes, up to 50% of your benefits may be taxable if you file a tax return as an individual and your combined income is between $25,000 and $34,000.
Can I work while receiving SSDI benefits?
Yes, but there are limits to how much you can earn. You can participate in the Ticket to Work Program to help you find a job or start your own business.
How much can I receive in Social Security benefits?
The maximum payment amount is $4,873, but the average payment for retirees is $1,918 and for SSDI recipients is $1,537.
What is the Extended Period of Eligibility for SSDI recipients?
It allows beneficiaries to work and receive benefits for 36 months, even if their earnings are substantial.
How does marriage affect SSDI benefits?
Marriage typically doesn’t affect SSDI benefits, but it may affect SSI benefits.
Can I receive SSDI benefits if I’m disabled and living outside the US?
Yes, but there may be restrictions or limitations.
