Social Security Payments to Go Out Earlier Than Usual
What criteria determine the shift in Social Security payment schedules?
The shift in Social Security payment schedules is determined by several criteria. Primarily, changes are made when the usual payment date either falls on a weekend or a national holiday. In such cases, recipients receive their payments on the weekday immediately prior to the expected payment date. This ensures that beneficiaries receive their payments on time and can plan accordingly.
In addition to weekends and holidays, there are other factors that can affect the payment schedule. For example, if you started receiving benefits before May 1997, your benefits would be paid on the third day of each month5. Also, if you receive both Social Security benefits and Supplemental Security Income (SSI) payments, your benefits will be paid on the first day of each month6.
Moreover, your birth date typically determines your specific Social Security payment date. If your birth date falls between the 1st and 10th of the month, your payment is made on the second Wednesday; if your birth date falls between the 11th and 20th, then your payment is made on the third Wednesday; and if your birth date falls between the 21st and 31st, then your payment is made on the fourth Wednesday56.
It's important to note that individual banking arrangements, as well as your financial institution's operating hours, operating schedules, and holiday schedules, can also affect your payment schedule.
How many Americans are currently receiving Social Security benefits as of the end of 2023?
As of the end of 2023, 67 million Americans were receiving Social Security benefits from the government agency.
Why are some Social Security recipients receiving their payments a day earlier this week?
Some Social Security recipients are receiving their payments a day earlier this week due to the Juneteenth national holiday on June 19. The Social Security Administration (SSA) makes changes to the payment schedule when the usual payment date falls on a weekend or a national holiday. In this case, recipients who were due to be paid on Wednesday will instead be paid a day earlier, on Tuesday. This change applies to all Social Security beneficiaries claiming retirement benefits who do not live abroad, do not also claim Supplemental Security Income (SSI), have not been claiming since before 1997, and whose birthday falls between the 11th and 20th of any given month in the year3.