The Social Security Administration (SSA) follows a strict payment schedule when it comes to ensuring that beneficiaries receive their payments. This is to ensure that beneficiaries can budget accordingly as well as for the administration’s sake to ensure that all payments are distributed on time to the correct beneficiaries with the correct amount. A new payment is soon to arrive for beneficiaries within the next four days, as well as a “double” payment for this month for eligible beneficiaries.
The SSA follows a strict payment schedule
Every month, the SSA distributes payments to nearly 70 million beneficiaries. The large majority of these beneficiaries are made up of retirees, however, benefits are also sent to individuals who receive Disability income as well as those on the Supplementary Security Income (SSI) program. Some beneficiaries also receive payments from more than one of these funds.
Disability benefits are paid out to those who are no longer able to work due to becoming disabled, while SSI benefits are paid out to beneficiaries who have little to no income or resources. Payments are staggered across the month according to your birthdate, as well as whether or not you receive benefits from more than one fund and the year at which you claimed your benefits. The SSA follows the following schedule:
- If your birthday falls between the first and the tenth of the month, you will receive your Social Security and disability benefits on the second Wednesday of that month.
- If your birthday comes between the eleventh and the twentieth of the month, you will receive your Social Security and disability benefits on the third Wednesday of that month.
- If your birthday comes between the 21st and the 31st of the month, you will receive your Social Security and disability benefits on the fourth Wednesday of that month.
- For those who receive both Social Security and Supplementary Security Income (SSI), Social Security benefits will be paid on the third of the month, whilst SSI benefits will be paid on the first.
- Payments are distributed on the third of the month if you claimed before May 1, 1997
New payment in four days hitting bank accounts
According to the Social Security official schedule, beneficiaries who have a birthday between the eleventh and twentieth will be receiving their Social Security payments in four days. The average payment paid out to beneficiaries amounts to $1,976. For SSI beneficiaries, the maximum SSI payment they can receive is $1,450 for married couples while the average Disability payment amounts to just over $1,500.
SSI payments can sometimes be difficult to understand when it comes to how much you are earning. Unlike the retirement benefits, which are paid out to you no matter your income status is from other sources, SSI is intended to only be used for a short period when individuals have no access to an income or resources.
How the SSA structures SSI payments
For every $2 a beneficiary earns from doing paid work, the SSA reduces their SSI payment by about $1. Work includes:
- A job
- Self-employment
- Any activity that earns money
In addition, for every $1 a beneficiary receives from non-work sources, the SSA reduces their SSI payment by about $1. Non-work sources include:
- Disability benefits
- Unemployment payments
- Pensions
Generally speaking, SSI is reserved for individuals who earn less than $2,019 per month. The value of your resources can also not exceed $2,000 for individuals and $3,000 for married couples. If you are applying with a child, these resource limits increase by an additional $2,000. You can also qualify to receive SSI if you are over the age of 65. Additionally, if you are disabled, you can also qualify to receive SSI if you receive less than $1,550 from paid work per month,
