The Social Security Administration (SSA) continues to disburse payments to retirees and beneficiaries this summer. Tomorrow marks the second round of July retirement payments, ensuring that recipients receive their funds on schedule.
However, August brings a unique twist to the Social Security calendar, resulting in some beneficiaries receiving two payments in the same month. This is welcome news for those who rely heavily on these funds, as it ensures they won’t fall behind on essential payments.
July Payments
Starting with July, the SSA will send payments tomorrow to all U.S. retirees who began claiming benefits post-May 1997 and were born between the 11th and the 20th of any month. The final payment for July will be disbursed on Wednesday, July 24th, covering retirees born between the 21st and the 30th. This schedule ensures that payments are timely and consistent.
August Quirks
August presents a scheduling anomaly due to the SSA’s policy of not issuing payments on holidays or weekends. Typically, the retirement benefit payment scheduled for August 3rd will be moved up to August 2nd, while the payment on August 1st remains unchanged. This results in two consecutive payments at the beginning of the month.
Payment Schedule
The SSA issues payments on the 1st and 3rd of each month for specific beneficiaries:
1st of Every Month
- Supplemental Security Income (SSI) for all eligible recipients.
- Social Security Retirement Benefits for retirees who began collecting benefits before May 1997.
- Americans living abroad permanently.
3rd of Every Month
- Social Security Retirement Benefits for those who qualify for SSI and should have received both payments on the 1st. This staggering of payments helps avoid errors.
August Payment Breakdown
Despite the unusual schedule at the beginning of August, the rest of the month’s payments will follow the traditional timeline:
- August 14th (2nd Wednesday): Retirement benefits for beneficiaries born between the 1st and the 10th of any month, who started claiming post-May 1997.
- August 21st (3rd Wednesday): Retirement benefits for beneficiaries born between the 11th and the 20th of any month, who started claiming post-May 1997.
- August 28th (4th Wednesday): Retirement benefits for beneficiaries born between the 21st and the 31st of any month, who started claiming post-May 1997.
Additional August Payment
Adding to the complexity, the SSA will move the September 1st Social Security and SSI payments to August 30th, as September 1st falls on a Sunday. This shift ensures that recipients receive their funds before the weekend, providing an extra payment in August. This additional payment can help beneficiaries stay ahead financially and manage their expenses more effectively.
Knowing the Social Security payment schedule is crucial for retirees and beneficiaries. This summer, while July follows a straightforward payment timeline, August presents a unique situation with shifted payment dates and an additional disbursement at the end of the month. Staying informed about these changes helps beneficiaries plan their finances better and avoid any potential disruptions.
FAQs
Why are there two payments in August?
The SSA shifts payments due to holidays and weekends, resulting in two payments at the beginning of August.
Who receives payments on the 1st of each month?
SSI recipients, retirees who started benefits before May 1997, and Americans living abroad receive payments on the 1st.
When is the final July payment?
The final July payment is on Wednesday, July 24th.
Why is the September 1st payment moved?
The September 1st payment is moved to August 30th because September 1st falls on a Sunday.
What happens on August 14th?
On August 14th, retirement benefits are paid to those born between the 1st and the 10th of any month, who started claiming post-May 1997.