Social Security benefits are rolled out to beneficiaries on Wednesdays throughout the month each month. There are currently around 72 million beneficiaries — including retirees, survivors, and disabled individuals — in the program. The Social Security Administration (SSA) uploads the payment schedule for the full year ahead in advance on its website so that beneficiaries may plan their budgets with ease.
The upcoming round of benefit payments for August may be a little different, however. This is because the SSA has officially begun enacting clawbacks on beneficiaries who were overpaid in the past. The withholding rate is 50% of the benefit and this has officially been put into effect as of July 24th. Here is what you need to know.
Social Security payment schedule for August
The Social Security Administration’s Schedule of Social Security Benefit Payments for 2024/2025 can be found on the agency’s website. The regular Social Security benefits, as well as the Disability Insurance benefits are rolled out on the second, third, and fourth Wednesday of each month. The payment dates are broken up this way in relation to the date of birth of the recipient. As such, the benefit payment dates for the upcoming month of August is as follows as per the SSA’s schedule:
- Second Wednesday, August 13th – recipients with birth dates from the 1st of the month to the 10th
- Third Wednesday, August 20th – recipients with birth dates from the 11th of the month to the 20th
- Fourth Wednesday, August 27th – recipients with birth dates from the 21st of the month to the 31st
The Supplemental Security Income (SSI) — which is paid to adults over the age of 65, the blind, and in certain cases, children with little to no other resources — is paid out on the first of each month. However, if the first of the month falls on a weekend or a holiday, the payment will be made on the last working day of the previous month thereby ensuring that beneficiaries have their benefit for the month as it begins.
The SSA does also note on the schedule that, “If you received Social Security before May 1997 or if receiving both Social Security & SSI, Social Security is paid on the 3rd and SSI on the 1st.”
Additionally, “if you don’t receive your payment on the expected date, please allow three additional mailing days before contacting Social Security.”
SSA begins withholding benefits for those with overpayment balances
Whilst the benefits for August are set to roll out according to schedule, some beneficiaries might receive a benefit check with only half the amount they are used to due to the SSA taing action to recoup all overpaid benefits. In April, the withholding rate for overpaid benefits was announced at 50% and notices informing beneficiaries who had been overpaid of this were sent out on April 25th.
Whilst the agency has not yet shared the exact number of beneficiaries who are owing the agency money due to being overpaid in the past, “the agency overpaid $13.6 billion in Social Security benefits during fiscal years 2020 to 2023,” as per a February report from the SSA’s Office of the Inspector General.
Upon receiving the notice of overpayment, the recipient would have then had a 90 day period during which they could either appeal the notice because they believe they had been paid the appropriate amount in the past, or they could submit a waiver of repayment if paying the debt would result in severe financial hardship. Alternatively, the recipient could negotiate a lower rate of withholding.
If the recipient failed to take action during this 90 day grace period which ended on July 24th, the 50% withholding rate will automatically go into effect on their benefits going forward from this date until their debt is cleared.