Social Security and Supplemental Security Income (SSI) payments are important benefits for many people, but not everyone gets the same amount.
This is because the amount you receive depends on several factors, such as your age and the program you’re enrolled in.
In this article, we’ll explain the different amounts people might receive from Social Security and SSI, and how it changes based on your situation.
Average Social Security Payments
As of August 2024, the average monthly Social Security payment for retirees is about $1,920. However, not everyone gets the same amount. The amount you get depends on when you start receiving your benefits.
- If you apply at 62, the maximum monthly benefit is $2,710.
- At the Full Retirement Age of 66, you could get up to $3,822.
- If you wait until age 70 to start collecting, you could receive up to $4,873.
The age at which you start collecting benefits has a big impact on how much you will receive each month.
SSI Payments and Differences from Social Security
SSI is a different program from Social Security, and the payments are usually lower because it is meant to help people with limited income. The average monthly SSI payment is $698. But the amount you receive also depends on your age and situation.
- People aged 65 and older who get SSI receive an average of $575 a month.
- For people between the ages of 18 and 64, the average SSI payment is $744 per month.
- For those under 18, SSI recipients can get about $820 per month on average.
It’s important to note that Social Security and SSI have different payment schedules and amounts, so you might receive a larger payment from Social Security compared to SSI.
Payment Dates in November 2024
For those eligible, there are different dates for receiving payments in November 2024:
- November 1: Payments will be made to all eligible SSI recipients, as well as SSDI or retirement recipients who also receive SSI, or those who began collecting benefits before May 1997.
- November 13: If you started receiving direct payments or checks after April 30, 1997, and your birthday is between the 1st and 10th of the month, you will get your payment on this date.
- November 20: For those whose birthday is between November 11 and November 20.
- November 27: For those born between November 21 and November 31.
Does Age Affect the Payment Amount?
Yes, your age can have a significant effect on how much money you receive from Social Security and SSI.
If you are retired and 70 years old, you will receive the highest possible payment from Social Security.
On the other hand, people receiving SSI may get less money, especially if they are younger or have lower income.
Will Social Security and SSI Recipients Get the Same Amount?
No, the amounts will likely be different. SSI is designed for those with lower incomes, and the average payment is smaller than Social Security benefits.
For example, retirees generally get more than people receiving SSI, and those who qualify for SSDI usually receive a lower amount than retirees. In November 2024, retirees are expected to get the highest payments.
Social Security and SSI payments vary based on several factors, such as your age and when you start receiving benefits.
While retirees generally get higher amounts, SSI helps people with lower incomes, which means smaller payments.
Understanding the payment schedules and the differences in amounts can help you better manage your expectations when receiving benefits.
1. How much does the average retiree get from Social Security in 2024?
The average monthly Social Security payment for retirees is about $1,920.
2. Can I receive more if I start collecting Social Security at age 70?
Yes, you can receive up to $4,873 per month if you start collecting at age 70.
3. What is the difference between Social Security and SSI?
Social Security is for retirees and people with disabilities, while SSI is for people with low income and resources.
4. When will I receive my payment in November 2024?
The payment dates depend on your eligibility and birthdate. Check the specific dates in the article.
5. Does age affect how much I will receive?
Yes, people who are older, especially those who start collecting benefits at age 70, typically receive higher payments.
