Every month, million of Social Security beneficiaries are paid out by the Administration, with their payment dates rarely deviating from the strict schedule the administration puts into place. Payments are staggered throughout the month, with your date depending on factors such as which fund you receive benefits from, your birthdate, and when you first claimed your benefits. This month, one group will receive two Social Security benefit payments from the Administration.
The Social Security Administration adheres to a strict schedule
The Social Security Administration (SSA) adheres to a rigorous and timely payment schedule for their beneficiaries. This is done not only streamline and manage the task of distributing payments to the approximate 70 million beneficiaries of the SSA, but also to guarantee that beneficiaries are paid according to an accurate payment date to which they can plan their expenses around.
The general schedule the SSA follows every week is as follows:
- 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, these dates are irrelevant to you if you are a Supplementary Security Income (SSI recipient). The SSA offers three types of income support: SSI, retirement benefits, and Disability. SSI is intended for those who have very little to no income or resources. If you receive only SSI benefits, you are paid on the first of every month regardless of when your birthdate is. If you receive both SSI and retirement benefits, you are paid on the third of every month. Additionally, if you claimed your retirement benefits before May 1997, you are also paid on the third.
This SSA group will be paid twice this month
According to the Social Security payment schedule, the SSA has already paid beneficiaries who are SSI recipients, as well as payments for those beneficiaries with a birthdate between the first and tenth of the month set to go out today. However, this month, SSI-only recipients will be receiving an additional payment at the end of the month.
The SSA policy on getting two payments in one month describes how if the scheduled payment date for beneficiaries falls on a weekend or public holiday, the payment date is advanced to the earliest working day. September 1 is a Labor Day, meaning SSI-only beneficiaries must have their payment date moved up. Hence, SSI-only beneficiaries will receive their September payment on August 29. The maximum payment individual SSI beneficiaries can qualify to receive amounts to $967.
Beneficiaries are reminded that this August 29 payment is not a ‘bonus’ payment from the Administration, they are simply having their September benefits paid out earlier. This means that after the August 29 payment date, their next payment date will be October 1.
$5,000 paid out for these beneficiaries today
With the SSA sending out retirement benefits today for beneficiaries who have a birthdate between the first and tenth of the month, some are set to receive the maximum benefit of $5,102. However, these beneficiaries are of the minority of the retirement cohort, with the average retiree receiving approximately $2,000 from the Administration in retirement benefits.
In order to receive the maximum payment, you need to ensure that you meet a variety of qualifying criteria, which includes waiting until you are 70 years old to claim your retirement benefits from the SSA. While the SSA allows you to claim your benefits as early as 62 years old, you are rewarded with higher monthly benefits if you choose to delay claiming your benefits until you are 70 years old. However, past this age, there is no additional benefit for you to wait to claim.
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.
