Are you or someone you know receiving Social Security benefits? If so, there are some updates and important information you need to know.
The Social Security Administration (SSA) provides monthly benefits to various groups, including the elderly, disabled individuals, and surviving family members. In this article, we’ll break down when you can expect your payments, recent changes to benefit determinations, and what to do if you don’t receive your benefits on time.
Contents
- 1 What is Social Security?
- 2 Who Qualifies for Social Security?
- 3 How Much Can You Receive?
- 4 When Are Payments Made?
- 5 Retirement Benefits Payment Schedule
- 6 Special Case for Long-term Beneficiaries
- 7 Separate Payments for SSI and Retirement
- 8 Disabled Workers and Dependents
- 9 Missing Payments
- 10 Recent Updates to Benefit Determinations
- 11 SSA’s Efforts for Improvement
- 12 FAQs:
What is Social Security?
Social Security is a government program that provides financial assistance to people who are retired, disabled, or survivors of deceased workers. It helps ensure that individuals have some income in their older years or when they are unable to work due to disability.
Who Qualifies for Social Security?
There are several groups who can receive Social Security benefits:
- Individuals over 65
- People with disabilities
- Surviving family members of deceased claimants
- Adults and children with disabilities
- Individuals 65 or older who qualify for Supplemental Security Income (SSI)
How Much Can You Receive?
The maximum monthly SSI payment for 2024 is:
- $943 for an individual
- $1,415 for a couple
When Are Payments Made?
For SSI recipients, payments are made on the first of every month unless the first falls on a Friday or a holiday. In those cases, payments are made on the last business day before the first. For example, June payments were made on the last day of May this year.
Retirement Benefits Payment Schedule
When you receive your retirement benefits depends on your birthday and how long you’ve been receiving benefits:
- If your birthday is in the first 10 days of the month, you get paid on the second Wednesday.
- If your birthday is between the 11th and 20th, you get paid on the third Wednesday.
- If your birthday is after the 20th, you get paid on the fourth Wednesday.
| Type of Benefit | Payment Date |
|---|---|
| SSI | 1st of every month (or last business day before the 1st) |
| Retirement (birthday 1-10) | 2nd Wednesday of the month |
| Retirement (birthday 11-20) | 3rd Wednesday of the month |
| Retirement (birthday 21-31) | 4th Wednesday of the month |
| Long-term beneficiaries (before May 1997) | 3rd of every month |
Special Case for Long-term Beneficiaries
If you have been receiving retirement benefits since before May 1997, your payments are made on the third of every month, regardless of your birthday.
Separate Payments for SSI and Retirement
If you qualify for both SSI and retirement benefits, you will receive two separate payments on different days.
Disabled Workers and Dependents
Disabled workers and their dependents made up 11% of all Social Security benefits paid in 2023.
Missing Payments
If you do not receive your payment when expected, the SSA recommends waiting three working days before contacting them.
Recent Updates to Benefit Determinations
Recently, the SSA announced that it would remove outdated or rarely performed occupations from the list used to decide benefit eligibility for SSDI and SSI programs. Over 100 jobs have been dropped from the Dictionary of Occupational Titles, making it easier for applicants to qualify for benefits.
SSA’s Efforts for Improvement
The SSA is continuously improving its processes to ensure that its programs are up-to-date and to reduce the burden on applicants. The goal is to consider only the most relevant occupations when determining if a person can perform other types of work.
Understanding when and how you receive your Social Security benefits is crucial for financial planning. With recent updates aimed at making the system fairer and more efficient, the SSA is working to better serve its beneficiaries. If you ever encounter issues with your payments, don’t hesitate to reach out to the SSA for assistance.
FAQs:
Who qualifies for Social Security benefits?
Social Security benefits are available to individuals over 65, people with disabilities, and surviving family members of deceased claimants. Adults and children with disabilities, as well as those age 65 or older, can also receive Supplemental Security Income (SSI).
How much is the maximum monthly SSI payment for 2024?
The maximum monthly SSI payment for 2024 is $943 for an individual and $1,415 for a couple.
When are SSI payments made?
SSI payments are made on the 1st of every month unless the 1st falls on a Friday or holiday. In such cases, payments are made on the last business day before the 1st.
