For many Social Security beneficiaries, each check is a crucial lifeline. With the rising costs of living, price fluctuations, and adjustments to income, these payments are particularly important to retirees and others who rely solely on Social Security for their income. This month, some beneficiaries will be seeing a positive change in their payments.
When Are SSA Payments Made?
The Social Security Administration (SSA) follows a predictable payment schedule to ensure beneficiaries can plan their finances accurately. Here’s when you can expect to receive your payments in June:
- Wednesday, June 11: Birth dates between the 1st and 10th of the month.
- Wednesday, June 18: Birth dates between the 11th and 20th of the month.
- Wednesday, June 25: Birth dates between the 21st and 31st of the month.
For those who claimed their Social Security income before May 1997, payments are made on the third of each month. Supplementary Security Income (SSI) recipients, whether in addition to retirement benefits or not, typically receive their payments on the first of each month.
Early Payments for Some Recipients
If you’re an SSI recipient, you may have noticed that you received two payments in May: one on May 1 and another on May 30. This was due to June 1 falling on a weekend, so the June payment was advanced. The same applied to veterans receiving compensation for service-related disabilities, who also receive their payments on the first of each month.
Increased Payments for Some Beneficiaries This Month
This month, a portion of Social Security beneficiaries will see an increase in their payments, and it’s more than just the usual annual cost-of-living adjustment (COLA). Each year, COLA raises Social Security benefits to help keep up with inflation, and this year the increase was 2.5%.
However, there’s additional good news for two specific groups of SSA beneficiaries this June. In 2024, the Social Security Fairness Act went into effect, offering an increase in benefits for retirees affected by the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). These individuals were previously receiving lower Social Security benefits due to their non-Social Security-covered pensions or reductions from government pensions for spouses, widows, or widowers.
Retroactive Payments for WEP and GPO Affected Individuals
Thanks to the Social Security Fairness Act, individuals who were impacted by WEP and GPO will see their benefits fully restored retroactively from January 2024. The WEP and GPO provisions had previously adjusted the benefits of those who did not pay Social Security taxes due to their pensions or reduced benefits for certain family members receiving government pensions.
The recent change has been met with relief from pensioners and advocacy groups who have long fought against these provisions. With the benefits restored, individuals who were previously impacted will finally see the full value of their Social Security payments.
Concerns Over SSA Fund Longevity
While the increase in benefits has brought relief to many, there are concerns about the future sustainability of the Social Security fund. With the program already under strain, experts predict the Social Security trust fund could be depleted by the early 2030s. The increase in benefits, though beneficial to recipients, may put additional pressure on the fund’s reserves, which could require significant adjustments to ensure its long-term viability.
Looking Ahead
For now, beneficiaries who qualify for these increases should feel relief knowing that the changes are being implemented. However, it’s crucial for policymakers to continue addressing the long-term stability of the Social Security system to ensure that it can continue to serve future generations.
Do you think the Social Security system needs adjustments to ensure its long-term sustainability? How will the increase in benefits impact your planning? Share your thoughts in the comments below.