Your bank account may be getting a surprise for eligible recipients. In the next two days, a new round of Social Security payments will be distributed by the Social Security Administration (SSA) to eligible beneficiaries. The Administration is responsible for ensuring that its approximately 70 million beneficiaries receive their payments on time, with the Administration priding itself on ‘never missing a payment’ throughout its history for its recipients, including during both World Wars.
The SSA never misses a payment
Since its inception, the SSA has been providing timely payments to its beneficiaries each month. These payments are staggered throughout the month for beneficiaries according to a variety of factors; most importantly, which SSA fund you qualify to receive benefits from. The SSA distributes benefits from three main funds: Retirement benefits, Supplementary Security Income (SSI) benefits, and Disability benefits. While the retirement benefits are open to anyone to make contributions to save for their retirement, SSI is only reserved for those with little to no income or resources, and Disability benefits are reserved for those who are unable to work due to a disability.
Retirement benefits account for the majority of payments the SSA makes every month. To qualify to receive these payments, you need to ensure that you have a sufficient working history, throughout which you have made Social Security contributions. The minimum number of years you need to have been working for to receive benefits is ten years.
Who qualifies to receive the upcoming benefits?
The SSA adheres to a rigorous payment schedule each month for its beneficiaries, ensuring that payments are made on time and so that recipients are able to accurately track and manage their expenses around a predictable and set payment date. The SSA typically follows the following payment schedule:
- The second Wednesday of the month: Birth dates between the first and the 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, if you receive SSI benefits, these payments are made on the first of the month regardless of when your birthdate is. Additionally, if you receive both SSI and Retirement benefits, SSI is still paid on the first of the month, whereas your Retirement benefits are paid on the third. Hence, according to the Social Security payment schedule, the next group of beneficiaries to receive their payments from the SSA will be those with a birthdate between the first and tenth of any month, with SSI beneficiaries already receiving their retirement benefits on the third.
Maximum SSA payment to hit these bank accounts
While the average retirement SSA beneficiary receives approximately $2,000 in benefits, some of these beneficiaries qualify to receive the maximum Social Security payment amounting to $5,108. However, in order to receive this maximum payment, there is a variety of critiera which you need to ensure that you meet, including:
- Waiting until you are 70 years old to claim your benefits
- Making maximum contributions towards the SSA retirement fund for at least 35 years
Delaying claiming your benefits is a key criterion needed to ensure that you are eligible to receive the maximum benefits. While you are allowed to claim your benefits as early as 62 years old, the SSA rewards beneficiaries with higher monthly payments should they choose to delay claiming until they reach the full retirement age. Your specific full retirement age will differ depending on the year you were born, on account of the Administration raising the full retirement age past 65.
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.
