SSI is paid on the first day of every month, except when that day is a weekend. Due to a 3.2% cost-of-living adjustment, benefits will rise in 2024, helping almost 68 million Americans.
When Will Social Security Payment Released?
Social Security, in the U.S., is paid based on birth dates: born between the 1st and 10th, second Wednesday of each month; those born from the 11th to the 20th, third Wednesday; those born from the 21st to the end, fourth Wednesday.
However, if this day of payment falls on a federal holiday, then your benefits will be paid on the preceding Friday. For example, every month when the 3rd Wednesday happens to be a holiday, you’ll have your payment the previous Friday.
There are exceptions to this rule. If you started getting Social Security benefits prior to May 1997, your payment will be delivered on the 3rd of the month.
- 2024 Social Security Tax Limit
- Social Security Recipients
- Social Security Disability Insurance
- Child Tax Credit
- IRS Refund Status 2024
Social Security Payment Schedule
The SSA pays out benefits to millions of Americans on the same schedule. It is helpful to know this schedule because it facilitates the determination of expenditures.
Basic Payment Schedule
In general, your Social Security benefit is payable on one of three days each month: on the second, third, or fourth Wednesday. The exact date depends on your birth date:
- Born in between the 1st and 10th of the month: Their payment will be made on the second Wednesday of the month.
- Born between the 11th and 20th of the month: Your payment arrives on the third Wednesday of the month.
- Born between the 21st and 31st of the month: Your payment arrives on the fourth Wednesday of the month.
Social Security Payments Eligibility Criteria
Social security benefits are essential parts of most people’s retirement plans. There are few guidelines that need to be followed for an individual to be given the benefits.
Retirement Benefits
- Age: The age of retirement benefits commencement is 62 years and above.
- Work Credits: You have to be of a certain age and must have accrued a certain number of work credits to qualify for retirement benefits.
- The number of credits necessary depends on the year you become disabled.
- Citizenship or Residency: You must be a U.S. citizen or a lawful permanent resident for a certain period to be eligible for benefit payment.
Disability Benefits
- Disability: You must be unable to perform substantial gainful activity because of a medically determined physical or mental impairment which is expected to result in death or last for a continuous period of at least 12 months.
- Work Credits: The number of work credits required to get disability depends on your age at the date your disability began.
- Waiting Period: Five months after onset of disability, benefits may start.
Social Security Payment Amount
How much you can anticipate for an SS payment is based upon your earnings history, when you choose to retire, and the type of benefit for which you are qualified.
Retirement Benefits
- Primary Insurance Amount: This amount would be received if one retires at his or her FRA. It is based on the AIME over the 35 years in which a worker earned the most.
- Early Retirement: If you start taking your Social Security before your FRA, your monthly payment will be permanently reduced. For example, there may be as much as a 30% reduction if you begin drawing at age 62.
- Delayed Retirement: If you delay taking your benefits beyond your FRA, this will increase your payment. For every year you wait, up until age 70, your benefit rises about 8%.
- Maximum Benefit: The maximum benefit payable in 2024 is $3,822 per month for those who retire at full retirement age.
Disability Benefits
- Based on Retirement Benefit: The basic amount you are due for disability is the same amount you would have gotten if you had become disabled during the month you reached full retirement age.
- Waiting Period: When you apply for disability benefits, there are five months of waiting time before benefit payments begin.
- Supplemental Security Income: If you are eligible for SSI, you will receive an amount of money calculated on the basis of needs and resources.
Survivors Benefits
- Spousal Benefits: A surviving spouse may be paid benefits based on the worker’s earnings, up to 100 percent, depending on age and other factors.
- Widow(er) Benefits: Full benefits available at full retirement age. Reduced benefits as early as age 60 or if disabled.
- Benefits for Children: Benefits are payable to the worker’s children if they are unmarried and under age 18, or nineteen if still in high school.
Cost-of-Living Adjustments
- Annual Increases: Social Security benefits automatically increase each year to keep pace with the cost of living.
- COLA Calculation: COLA is the increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers.
- Work While Getting Benefits: If you work and are receiving your Social Security benefits, your earnings will reduce your benefits.
- Taxes: The Social Security benefits of an individual can be partly added to taxation under federal income tax.
- State Taxes: Some states also tax the benefits under Social Security.