- Personal Finance. SSDI Application Time: How fast can disability insurance be approved?
- Personal Finance. SSDI Payment Schedule July 2024: When are disability benefits being deposited next month?
Social Security Disability Insurance (SSDI) is a vital part of the monthly income of millions of Americans. Month after month, the Social Security Administration (SSA) distributes funds in stages to beneficiaries depending on their day of birth.
Since 1997, the SSA began paying SSDI benefits on the second, third, and fourth Wednesdays. Your payment date depends on your birth day, and if you receive benefits based on someone else's work record, your payment date depends on their birthday.
According to this system, recipients born between the 1st and 10th of each month will receive their payment on Wednesday, July 10. Beneficiaries born between the 11th and 20th will receive their payment on the third Wednesday, and on the fourth Wednesday, the SSA will deposit those born between the 21st and 31st.
If you are in the SSDI program before May 1997, you will receive your payment on the 1st of the month. If you also receive Supplemental Security Income (SSI), your SSDI payment will arrive on the 1st, and your SSI payment will arrive on the 3rd.
How much can I make on SSDI in 2024?
The amount you can receive for SSDI is complicated to calculate since it depends on your average lifetime earnings and not the severity of your condition.
The maximum amount a worker can receive for SSDI in 2024 is $3,822 per month. However, the average benefit is much lower, around $1,537 monthly. The average monthly payment for a beneficiary and their family is $2,720.
In addition to the worker, their spouse, divorced spouse, dependent children, or adult children who become disabled before age 22 may receive additional benefits equivalent to up to 50% of the benefit the worker gets.