Every month, the Social Security Administration (SSA) sends out millions of payments to beneficiaries. The majority of these beneficiaries are senior citizens, with the remainder being those who rely on Supplementary Security Income (SSI) to cover basic expenses, as well as those who are on Disability payments. Some beneficiaries receive an income from more than one of these funds. These groups are some of the most economically vulnerable, and it is therefore important that they are paid on time each month in order to budget accordingly.
SSA payment schedule for this month
Each month, the SSA follows a strict schedule that rarely deviates from predicted dates. This month, the following payment dates can be expected by beneficiaries, with the first payment date set for today:
- Wednesday, June 11: Birth dates between the first and 10th of the month.
- Wednesday, June 18: Birth dates between the 11th and the 20th of the month.
- Wednesday, June 25: Birth dates between the 21st and the 31st of the month
However, some of these beneficiaries have already been paid before today’s June 11 date. If you claimed your SSA benefits before May 1997 or are one of those individuals who receives both your retirement income as well as SSI, you would have already been paid on the third of this month, Additionally, if you only receive SSI, our payment would have come on May 30 as opposed to the usual first of the month date ad June 1 this year fell on a weekend.
Some beneficiaries can expect up to $5,108
With the first round of general Social Security payments arriving today, according to the Social Security payment schedule, some of these individuals may be receiving up to $5,108. The average SSA payment, according to SSA data, is just under $2,000. However, the amount that you receive differs depending on when you decide to claim your benefits.
The maximum Social Security payment you can receive from the SSA is currently set at $5,108. However, to receive this amount, you need to have done the following:
- You must wait to claim your benefits until you are 70 years old
- Received at least 40 SSA credits
It is important to note that not all beneficiaries will receive this payment. Because your Social Security payment is fixed once you start drawing, if you claimed your benefits earlier than 70 years old, the amount that you are paid each month will be lower than this. The only increase in benefits that you will see is when the new cost-of-living adjustment (COLA) is applied each year to benefits.
Which SSA beneficiaries will see their benefits raised?
While benefits are fixed, some beneficiaries may have noticed that their benefits have increased, and this raise has been enacted on top of the COLA statistic. This is because in January of this year, the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) acts were repealed. These two acts previously lowered the SSA payments of beneficiaries, spouses, widowers, and survivors if they possessed a pension from work not covered by Social Security taxes.
This repeal of WEP and GOP has meant that the benefits of approximately 2.8 million SSA recipients have been raised. In addition, they have also been receiving back-payments from January 2024. While the new increase in benefits is a big relief to many recipients who had previously had their benefits slashed due to these pieces of legislation, the increase in benefits is suspected to put additional strain on the SSA which is already facing difficulty with finding longevity solutions for beneficiaries amidst an aging population where the taxes being out into the fund are not keep up with the number of recipients.
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.
