Social Security announces change in payments for tomorrow – Watch your bank account

Amelia Ross
5 Min Read

The Social Security Administration (SSA) recently announced a change to the regular Social Security payment schedule. Every month, millions of people depend on these payments to cover their living expenses. However, the amount each person receives can vary depending on the program they qualify for and their specific needs. The SSA manages four main programs: Retirement benefits, Survivors benefits, SSDI benefits, and SSI benefits. Let’s take a closer look at these programs and the recent changes to the payment schedule.

Types of Social Security Benefits

Retirement Benefits

Retirement benefits provide a monthly payment to replace a part of your income if you reduce your working hours or stop working altogether. This payment may not cover all your income, but it helps you meet your monthly needs as you get older. The amount you receive can vary for different reasons, including how much you earned during your working years.

Survivors Benefits

Survivors benefits support the spouse and children of a deceased worker. The eligibility and payment amounts depend on the deceased worker’s wages and the relationship between the survivor and the worker. These benefits help families manage financially after the loss of a loved one.

SSDI Benefits

Social Security Disability Insurance (SSDI) benefits are for individuals who are disabled and unable to work. These monthly payments help cover living expenses. The amount you receive is based on your earnings history, so you need to have worked before becoming disabled to qualify.

SSI Benefits

Supplemental Security Income (SSI) benefits provide monthly payments to seniors 65 and older with limited income and resources, as well as to other adults and children who are disabled or blind. Unlike SSDI, SSI is funded by general U.S. Treasury funds and not by Social Security taxes.

Changes to the Payment Schedule

Starting tomorrow, the SSA will implement a new payment schedule. Usually, the SSA makes payments on the second, third, and fourth Wednesdays of the month for retirees who applied after 1997. However, because the third Wednesday falls on Juneteenth this month, payments will be rescheduled to the preceding working day, June 18.

Understanding the Payment Dates

Here are the confirmed payment dates for retirees, survivors, and disabled individuals:

  • Before 1997: Payments will be made on June 3 (Monday).
  • After 1997:
    • June 12 (Wednesday): For those born between the 1st and 10th.
    • June 18 (Tuesday): For those born between the 11th and 20th.
    • June 26 (Wednesday): For those born between the 21st and 31st.

Knowing these dates is important for planning your finances and ensuring you can cover your daily living expenses.

Monthly Payment Amounts for 2024

The SSA calculates monthly payment amounts based on several factors, including your full retirement age, work history, type of disability, and contributions to the system. Here are the average monthly payments for 2024:

  • Retirees:
    • Average: $1,900
    • Age 62: $2,710
    • Age 67: $3,822
    • Age 70: $4,873
  • Survivors:
    • Average: $1,505
    • Individual: $1,773
    • 2 Children: $3,653
  • Disabled Individuals:
    • Average: $1,537
    • Blind recipients: $2,590
    • Maximum payment: $3,822

The Social Security Administration offers various programs to support different groups of people, including retirees, survivors, and disabled individuals. Understanding these programs and the payment schedules can help you better manage your finances.

With the new payment schedule starting tomorrow, it’s important to stay informed about when you can expect your payments. For more details on future payments, visit the 2024 Social Security Payment Schedule.

FAQs

What is the new Social Security payment date this month?

Payments will be made on June 18 instead of June 19 due to Juneteenth.

Who qualifies for Retirement benefits?

People who reduce their working hours or stop working altogether.

How are Survivors benefits determined?

Based on the deceased worker’s wages and the survivor’s relationship to the worker.

What is SSDI?

A program that provides monthly payments to disabled individuals based on their earnings history.

Who can receive SSI benefits?

Seniors 65 and older, disabled adults, and children with limited income and resources.

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