With September just around the corner, most American beneficiaries of Social Security are looking forward to receiving their monthly payments. However, due to some scheduling anomalies, some of the beneficiaries will not have their Social Security checks received in the month of September 2024. This is mostly because most beneficiaries will be receiving a double payment in the month of August. This becomes very important that the recipients understand the structure of the payment schedule, and the reasons behind the changes in place, in order to do good personal finance management.
How the payment schedule works
Social Security pays depending on the beneficiary’s birth date and the dates are: For people that began receiving benefits after May 1997:
- The second Wednesday of the month for those born between the 1st and 10th of the month
- The third Wednesday of the month for those born between the 11th and 20th of the month
- The fourth Wednesday for those born between the 21st and 31st of the month.
In September 2024, this pattern shall be the case. However, due to some special conditions, some recipients will not get their payments as usual.
Why some recipients won’t get payments in September
The biggest reason one wouldn’t get the Social Security check in September is that it coincides with the Supplemental Security Income schedule. The SSI is usually paid on the first day of any given month. However, if at the beginning of any month the first lands on a weekend or a holiday, then the preceding Friday will be the one that payments are made.
Sunday actually lands on September 1 of 2024. That would make the check date fall on the 30th of August 2024, in reality. Since participants get their funds in August, they will not have a payment in September if only receiving SSI.
For Social Security beneficiaries, the normal payment cycle will still be in effect but it is quite necessary for such individuals to be informed on these details.
Effect on beneficiaries
Missing a September Social Security check could have important implications for most of the program’s beneficiaries, particularly those who rely on the payments to make ends meet. In fact, in recent surveys, most seniors claim great financial hardship. About 62% are unhappy over the modest 3.2% COLA increase they saw in 2024 because, under ongoing inflation, it has caused a squeeze on retirees.
Given the high cost of living as well as inflation regarding essential goods like food, rent, and medicine, other beneficiaries will be worse off if they miss the September payment. This means that clients are called upon to strategically plan their budget in consideration of their payment date.
Future adjustments to payments
Looking forward, Social Security recipients need to be sure to keep up with changes in their payments. Benefits increases are normally announced in October by the SSA and affect payment amounts in the coming calendar year. Beneficiaries should be aware that changes from COLA could mean they could plan differently for their finances in the future.
Besides the usual payments passed on monthly, there may be one-time additional payments or relief stipulated by SSA or any other government agencies. Beneficiaries are encouraged to have their ears on the ground from official communication to keep abreast of any other benefit that might come along.
What beneficiaries need to do
In readiness to know what will be happening ahead of them, the following are some of the things that the beneficiaries need to do:
- Check payment dates: Know your Social Security payment plan schedule and when your benefits are payable.
- Budget: Follow your budget every month in connection with dates and amounts payable to avoid financial strain.
- Be informed: Check regularly for updates by the Social Security Administration on the schedules of payment or adjustment of benefits.
- Contact SSA for assistance: If there is a question, or there is the need to air out an issue, one is advised to contact SSA for that respective assistance.
While Social Security benefits are one of the largest sources of income for many Americans, it’s critical to effectively plan your finances according to the payment schedule, as disruption is possible. Coming up in September 2024, some recipients won’t receive their checks because there is a change in the SSI payment delivery system.
