2023-08-16 01:13:49
The Social Security Administration (SSA) continues to send out benefits for the month of August. Insurance payments are sent to retired and surviving workers, that is, the children, spouses, widows, widowers, or parents of a deceased beneficiary.
The SSA also sends disability benefits. These include the Supplemental Security Income (SSI) program and Social Security Disability Insurance (SSDI).
How Social Security Payments Are Sent: Payment Schedule
The delivery of Supplemental Security Income (SSI) benefits is scheduled for the first day of each month. However, if the first day of the month falls on a Saturday or Sunday, the payment is advanced to the last Friday of the previous month.
On the third day of each month, SSA sends the money to beneficiaries who began receiving their payments before May 1997.
Those who collect Social Security benefits (retiree, survivors, or SSDI) and Supplemental Security Income (SSI) at the same time receive their SSI payment on the first day of the month and their Social Security payment on the third day.
The rest of the checks are sent on Wednesdays, according to the date of birth of the beneficiaries:
Second Wednesday of the month: retirees with a date of birth between the 1st and 10th Third Wednesday: beneficiaries born between the 11th and 20th Fourth Wednesday: retirees born between the 21st and 31st
It may interest you: Social Security benefits: can you receive two checks in the same month?
Payments are sent via direct deposit to those who have provided a bank account to SSA or via postal mail, both of which may take more days to arrive. If the payday falls on a federal legal holiday, benefits will be paid on the first day before.
Social Security payments on August 16: who will receive them?
Taking the above schedule into account, SSA has already sent SSI benefits for those who began receiving their payments before May 1997, as well as checks for beneficiaries with dates of birth between the 1st and 10th. rest of the month’s payments are sent as follows:
August 16: Beneficiaries with a date of birth between the 11th and 20th August 23: Beneficiaries with a date of birth between the 21st and 31st
Social Security: How much money is sent per month in 2023?
This 2023, the median retiree payments increased to $1,827, the SSA revealed in January. The maximum benefit for those who retire at age 62 is $2,572 per month, $3,627 for workers who retire at full retirement age (67), and $4,555 for those who retire at age 70 or later.
Average Supplemental Security Income (SSI) payments are around $550 per month. The maximum monthly benefit is $914 for an individual and $1,371 for a married couple where both spouses are eligible for the program.
It is worth mentioning that Social Security payments are calculated on an individual basis, so the amount varies from one beneficiary to another depending on various factors.
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