This month, another round of Social Security payments will be issued. Each month, the Social Security Administration (SSA) adheres to a precise payment schedule for recipients. This is to ensure that SSA beneficiaries can precisely plan their monthly costs and budgets, knowing that their money will be received on a specific date. However, your payment plan may vary based on whether the scheduled payment dates fall on a weekend or holiday.
Social Security adheres to a rigors schedule
SSA beneficiaries can normally anticipate to receive payments on a consistent schedule throughout the year. These payments are staggered throughout the month, and your payment date is determined by the sort of Social Security you receive, when you claimed your checks, when your birthday is, and whether you receive several SSA payments. The general timetable is shown below:
- Wednesday, June 11: Births between the first and tenth of the month.
- Wednesday, June 18: Birth dates range from the 11th to the 20th of the month.
- Wednesday, June 25: Birth dates from the 21st to the 31st of the month
Retirement and disability payouts are distributed on these dates. However, if you claimed your benefits before May 1997, your payment date is the third of each month, regardless of your birthday. Additionally, if you get both Supplemental Security Income (SSI) from the SSA and retirement benefits, you will be paid on the third of the month. If you solely receive SSI benefits, they are paid on the first of each month.
Payment schedule for June this year
Similarly, veterans receiving benefits from the United States Department of Veterans Affairs typically get service-related disability pay on the first of each month. They too would have received their June payment on May 30. The Department of Veterans Affairs will disburse its next payment on July 1.
Continued uncertainty for the SSA
The Social Security Administration’s future remains uncertain. Currently, the retirement fund is predicted to be drained by the early 2030s, causing retirees’ payouts to plummet by 20%. To solve this, experts have suggested that the Administration either boost Social Security taxes or reduce benefits now to ensure the fund’s viability. The Trump administration, however, has said that neither of these alternatives would be implemented.
While a remedy to the fund’s longevity problem is still in the works, recipients can take use of current benefits. For example, if you are divorced, you may be startled to hear that you can continue receive your ex-spouse’s spousal benefits if you were married for at least ten years. Another little-known Social Security truth is that if you are a survivor’s kid, you may be eligible for benefits if you are under the age of 18.
The Social Security payment schedule indicates that payments will be paid primarily on the specified dates. However, there are some exceptions this month. SSI beneficiaries may have noticed that they received a double payment last month, one on the customary first of the month and another on the 30th.
SSI beneficiaries are reminded that this payment is not a ‘bonus’ payment, but rather regular June SSI benefits. The payment was released earlier than the customary first of the month date because June 1 this year came on a Sunday, therefore it was moved to the last working day of the week. This means that the next payment for SSI claimants will arrive on July 1.