Every month, the Social Security Administration (SSA) sends millions of payments to its beneficiaries, the majority of whom are retirees. These payments are staggered throughout the month, with your payment date depending on your birthdate, which SSA fund you receive payments from, and when you claimed your benefits. The SSA ensures that payments are always timely, and rarely do they deviate from the strict schedule adhered to each month. Check when your next payment date is expected.
How does the SSA structure payments?
The SSA supports approximately 70 million beneficiaries with their retirement payments, Supplementary Security Income (SSI), and Disability benefits. Payment dates differ depending on which of these funds you qualify to receive benefits from. Generally, the standard payment schedule that the SSA pays its beneficiaries according to 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, if you are an SSI beneficiary or claimed your benefits from the SSA before May 1997, your payment dates are not set according to the standard payment distribution. Beneficiaries who only receive SSI from the SSA are paid on the first of every month, regardless of when their birthdate is. Additionally, beneficiaries who receive both SSI and retirement benefits are paid on the third of every month. If you claimed your benefits from the SSA before May 1997, you are also paid on the third of the month.
When is the next payment date?
Tomorrow, August 6, kicks off the month with the first Wednesday of the month. However, payments from the SSA will not start until the second Wednesday of the month, according to the Social Security payment schedule. Beneficiaries who have a birthdate between the first and tenth of any given month are therefore reminded that their payment is not late, but still pending, with payments set to go out on August 13.
SSI beneficiaries should have received their payments by now, however. This month will also look slightly different for SSI-only beneficiaries as they will be receiving a second payment this month on August 29. However, beneficiaries should take note that this is not a ‘bonus’ payment but is, in actuality, their September payment, which has been advanced to the last working day of August, seeing as September 1 is Labor Day. While the SSA rarely deviates from its schedule, payment dates are advanced if they fall on a weekend or a holiday.
Who will receive the maximum SSA payment?
The average SSA retirement payment set to go off on August 13 will amount to approximately $2,000. However, some beneficiaries will be receiving the maximum payment of $5,108. To qualify for this maximum payment, a number of criteria needed to have been met while you were still working, most notably that you waited to claim your benefits from the SSA until you were 70 years old.
In addition, the following criteria must also be met:
- Have at least 35 years of working history
- Obtain at least 40 working credits from the SSA
Delaying your benefits until you are at least 70 years old is the key qualifying criterion in order to receive the maximum benefit amount. While you are allowed to claim your benefits as early as 62 years old, the SSA rewards beneficiaries with higher monthly payments if they choose to delay claiming their benefits. However, delaying your benefits past 70 years old offers you no additional benefit from the SSA. If you are still working, there are also various additional strategies you can make use of to increase your benefits.
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.
