This week, another round of Social Security payments is set to hit recipients of the Social Security Administration’s (SSA) bank accounts. Each month, the SSA sends out millions of payments to its recipients, the vast majority of whom are retirees. Many of these recipients rely on their SSA benefits as their sole source of income, and thus, timely and accurate payments are incredibly important. Aware of this, the SSA follows a strict benefits distribution schedule each month.
How the SSA structures its payments through the month
Every month, beneficiaries can expect their benefits to be paid out on the same date according to what type of benefits they receive, their birthdate, and whether or not they receive multiple types of benefits. For the vast majority of beneficiaries, you will always receive your payment on a Wednesday each month, depending on your birth date. For this month, the following payment dates are set for retirement beneficiaries:
- Wednesday, June 11: Birth dates between the first and 10th of the month.
- Wednesday, June 18: Birth dates between the 11th and the 20th of the month.
- Wednesday, June 25: Birth dates between the 21st and the 31st of the month
While this is the standard schedule the Administration follows for most beneficiaries, it deviates if you are a Supplementary Security Income (SSI) individual or if you receive both SSI and retirement benefits. Those beneficiaries who receive only SSI are always paid on the first of the month, while beneficiaries who qualify for SSI on top of their retirement benefits are paid on the third of every month. Additionally, if you are a beneficiary who claimed your benefits before May 1997, you are also paid on the third of the month, regardless of when your birthdate is. For this month, SSI beneficiaries received their payments early due to June 1 falling on a weekend. As such, the next time they will receive their payment will be July 1.
$1,950 payment to hit these individuals’ bank accounts
This week will be the last payment sent out for retirement beneficiaries for June, according to the Social Security payment schedule. The Social Security’s Monthly Statistical Snapshot highlights how the average beneficiary received $1,950.27 each month in benefits; however, the maximum payment you can receive from the SSA in retirement benefits is $5,108.
As such, for this week, beneficiaries who have their birthdate falls between the 21st and the 31st of any given month will have an average of $1,950.27 paid out to them for their benefits. Once you claim your benefits, you cannot increase the amount that you receive through the annual cost-of-living adjustment (COLA) statistic, which is applied to the benefits to ensure beneficiaries still have the same buying power with their benefits each year.
Summer payments set to be released soon
While the SSA benefits are some of the most consistent payments paid out every month, other limited programs are also paying out their beneficiaries before the end of this month. With the school recess taking place over the next two to three months, families will have their children home for the summer. However, this can cause increased financial strain for many low-income families, who rely on school lunch systems to help feed their children.
To address this, the federal government has begun paying out its new Summer Electronic Benefit Transfer program (Sun Bucks program). Each qualifying child between the ages of six to 18 years old will receive an additional $120 loaded onto an EBT card to help families purchase additional groceries over the summer break. To be eligible for the program, your household must already be enrolled in programs such as the Supplemental Nutrition Assistance Program (SNAP).
Disclaimer: This content is informational only and does not supersede or replace the SSA’s or IRS’s own publications and notices. Always verify any specific dates and amounts by following the direct links in our article to SSA.gov or IRS.gov, or by consulting your local SSA field office or tax professional.
