Social Security monthly payments are disbursed based on the beneficiary’s date of birth. If an individual was born between the 1st and 10th of the month, their checks will be issued on the second Wednesday of each month. For those born between the 11th and 20th, payments will be received on the third Wednesday. Individuals born between the 21st and 31st can expect their checks to arrive on the last Wednesday of the month.
It is important to note that the following payment schedule does not apply to individuals who receive Supplemental Security Income (SSI). Social Security recipients will receive their checks at the beginning of the month, regardless of their birth date. If the designated payment day falls on a weekend, it will be moved to the preceding business day. Additionally, beneficiaries who retired before May 1997 are not included in the schedule based on their date of birth. Instead, they will receive their checks during the first week of every month.
Social Security payments and amounts
The recently released data from the Social Security Administration (SSA) for May provides valuable information regarding the expected monthly benefits for beneficiaries. In May, a total of 66 million individuals received Social Security checks, with 74 percent of them being retired workers. On average, the checks were valued at $1,836.06, while the maximum benefit amount for this year reached $4,555.
Payment Dates for July 2023:
- June 30: SSI recipients (July payment)
- July 3: Recipients who began receiving payments before May 1997
- July 12: Beneficiaries with a date of birth between the 1st and 10th day
- July 19: Beneficiaries with a date of birth between July 11 and 20
- July 26: Beneficiaries with a date of birth between 21 and 31
As for recipients of Supplemental Security Income (SSI), the average monthly payment amounted to $675.10. The maximum benefit under this program stands at $914 per month, and for couples who file their taxes jointly, it can reach up to $1,371.
Social Security benefits
Social Security benefits in the USA are a form of government assistance that most often provides income support to individuals who are retired or disabled, or to families in which a spouse or parent has died.
Here is a breakdown of the major types of Social Security benefits:
- Retirement Benefits: These are monthly payments made to workers who have paid into the Social Security system through payroll taxes and have reached the age of retirement, which varies from 62 to 67 years old depending on the year of birth.
- Disability Benefits: These are benefits provided to individuals who have a disability that makes them unable to work. The disability must be expected to last at least one year or result in death.
- Survivor Benefits: These are paid to the dependents of a worker who has died. This could include a widow or widower, dependent children, and in some cases, dependent parents.
- Supplemental Security Income (SSI): This is a program that provides benefits to elderly, blind, or disabled individuals who have little or no income. It’s designed to provide cash to meet basic needs for food, clothing, and shelter.
The amount of benefits a person or family can receive is based on the lifetime average earnings of the person who earned the benefits, whether that person is retired, disabled, or deceased. Benefits are typically adjusted each year for inflation and can be reduced if the individual has other substantial income, such as wages from a job.