No social security payments will be received by a cohort consisting of elderly people and disabled persons this week. However, if you are in Retirement, Survivors, and Disability Insurance (RSDI) program who claimed benefits after May 1997 and anybody born between the 21st and 31st day of any month, then you belong to a group that will receive their checks for the first time during last week of September.
If you haven’t gotten your disbursement yet and don’t satisfy these conditions, it could very likely be arriving at your doorstep soon – perhaps even tomorrow! By understanding how Social Security distributes its payments, beneficiaries can be able to know when they should expect their money. Below is a schedule that shows how payments are made.
Social Security’s Monthly Payment Schedule
The Social Security Administration (SSA) develops an annual payment schedule which indicates when recipients of various programs will receive their pay. In line with this schedule, individuals who are beneficiaries to the Supplemental Security Income (SSI) scheme receive their payments first usually on the first of every month. However, if it happens that the first day in question falls on a weekend or a holiday payment is made on the last business day preceding that day.
Later on, SSA makes payments to beneficiaries who filed for retirement, survivor or disability benefits prior to May 1997. These individuals get their funds every month on the third day of each month. On the other hand, we have new applicants (after May 1997) whose dates for payment vary based on birth date:
a) Those born between 1st -10th: Payments are made on 2nd Wednesday of the month (September 11th).
b) People born from 11th -20th day: Payments are made on 3rd Wednesday of the month (September 18th).
c) Those born between 21st -30th: Payments will be received on the fourth Wednesday of the month (September 25th).
“All your societal insecurities,” he told me, “are all because of this what you call social security [program].
Eligibility for Retirement and Disability Payments
To be eligible for Social Security retirement benefits, you must be at least 62 years of age and have contributed to Social Security taxes for a minimum of ten years. Moreover, there are full retirement age (FRA) requirements that differ from one year to another depending on your year of birth. One key requirement when qualifying is the need to accumulate no less than 40 of these Social Security credits which are calculated based on your total earnings as well as self-employment income.
Important to highlight is the fact that although you require 40 credits in order to retire, the number of None of your credits will determine what you get for monthly benefits. Rather, it is determined by averaging how much money you earned within the highest period(s) in which you worked. In case you have not been employed for 10 years or more, then it could be possible for SSA to evaluate your eligibility based on your spouse’s work record.
In addition, SSDI applicants also share similar qualification standards under the Social Security Disability Insurance program. Nonetheless, individuals receiving SSDI must have initially had sufficient credits earned through payroll taxes before becoming disabled. Besides, applicants must show that they possess a physical or mental impairment that disables them from performing any kind of substantial work over a period longer than 12 months.
How Much Can You Receive?
The monthly benefit you receive is determined by individual cases since the moment you qualify for retirement or disability benefits. The moment when you start receiving benefits, how much money you have worked for and what other individual circumstances are taken into account.
As of January 2024, this amount varies based on your work history, earnings and the specific program for which one qualifies. Essentially understanding the payment schedule and an estimation of the funds is vital for many retirees as well as disabled people in order to avoid running out of cash when it comes to their monthly bills.
For more detailed information, retirees and other beneficiaries can check payment status online via SSA’s official website or go to a local Social Security office.
