This month, a new round of Social Security cash payments is expected to be distributed to beneficiaries. Every month, approximately 70 million individuals receive payments from the Social Security Administration (SSA), of which the vast majority are retirees. Other beneficiaries include those with little to no income or resources, as well as those who have a disability. While some beneficiaries have already received their payments, the general timeline of payments will begin from next Wednesday.
Timely dates for SSA recipients to receive cash
Every month, the SSA sends out millions of payments to recipients according to a rigorous and timely schedule. Many SSA beneficiaries rely solely on their benefits to support themselves throughout the month. As such, it is integral that payments are made on predictable and regular dates so that beneficiaries are able to budget efficiently.
Generally, the SSA follows the following payment schedule each month:
- The second Wednesday of the month: Birth dates between the first and 10th of the month.
- The third Wednesday of the month: Birth dates between the 11th and 20th of the month.
- The fourth Wednesday of the month: Birth dates between the 21st and 31st of the month.
However, these rules do not apply if you claimed your Social Security benefits before May 1997. If this is the case, you are paid on the third of each month. Similarly, beneficiaries who receive payments from both the retirement fund as well as Supplementary Security Income (SSI) are also paid out on the third regardless of when their birth date is. If you only receive SSI, you are paid on the first of each month.
These individuals will receive $2,000 soon
Following the Social Security payment schedule, individuals who receive only SSI and who receive both SSI and retirement benefits have already been paid. However, according to the Social Security payment schedule, next week, Wednesday will see the start of the general schedule, with beneficiaries who have their birth date falling between the 1st and 10th of the month set to receive their payments.
For this year, according to Social Security’s Monthly Statistical Snapshot, the average payment beneficiaries receive in retirement benefits from the SSA is just under $2,000, coming in at $1,950.27. However, retirement benefits can be as high as $5,000 for some beneficiaries, provided they meet specific criteria to maximize their retirement benefits from the Administration.
More payments to hit bank accounts soon this month
If you are not an SSA beneficiary, you may still be up for a payment to will hit your bank account soon. Eligible citizens from Virginia may have noticed that the state has been distributing tax rebates since July 1 this year. Eligible individual filers can receive up to $200, while married couples filing jointly can receive up to $400.
Additionally, the state of New York has been releasing new payments, specifically targeted at low-income individuals, to make the state a more affordable place to live. While these one-off payments may not be a long-term solution to the cost-of-living crisis in the state, the payments are intended to help citizens offset any immediate costs they may be facing.
For example, once-off inflation checks are set to be distributed to eligible New York residents from mid-October this year and will continue to be released into November. The payments amount to a total of two billion dollars, and over eight million New Yorkers are expected to benefit from the payments. The amount you can receive from the inflation checks depends on your marital filing status as well as the amount of annual income you receive. Households with an income above $300,000 are not eligible to receive the payments.
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.
