With June now here, many Social Security Recipients may be surprised to find that they won’t receive a payment this month.
This situation can be confusing and concerning, especially for those who rely on these payments for their daily expenses. Understanding the reasons behind this situation can help alleviate some of the stress and provide clarity on what to expect. The main thing to note is that nobody is missing out on money because of this situation.
The Social Security payment schedule
The Social Security Administration (SSA) follows a specific payment schedule for disbursing benefits. Typically, Supplemental Security Income (SSI) payments are sent out on the first of each month. However, there are exceptions to this rule. If the first of the month falls on a weekend or a holiday, the payment is sent out on the last business day before the first.
Why June is an exception?
In 2024, June 1 fell on a Saturday. According to the SSA’s payment schedule, when the first of the month is on a weekend, the payment is sent out on the preceding business day. Therefore, the June SSI payment was sent out on Friday, May 31. This means that there will be no payment issued in June, as the payment for this month was effectively advanced to the end of May.
Impact on recipients
For many SSI recipients, this shift in the payment schedule can be confusing. It may appear as though they are missing a payment, but in reality, they have already received it. This situation occurs a few times throughout the year whenever the first of the month falls on a weekend or holiday. It’s important to note that recipients are not losing any benefits; the payments are simply adjusted to accommodate the SSA’s schedule.
Future payment adjustments
This adjustment in the payment schedule will happen again in the coming months. For example, September 1st, 2024, falls on a Sunday, so the payment for September will be issued on Friday, August 30th. Similarly, December 11st, 2024, is also a Sunday, so the payment will be sent out on Friday, November 29th. These adjustments ensure that recipients receive their payments without delay, even if the first of the month is not a business day.
Regular Social Security benefits
It’s important to distinguish between SSI payments and regular Social Security benefits. Regular Social Security benefits are typically disbursed based on the recipient’s birth date. Payments are made on the second, third, or fourth Wednesday of each month. In June 2024, the third Wednesday falls on June 19, a federally recognized holiday, Juneteenth National Independence Day. As a result, those who receive their benefits on the third Wednesday will instead receive their payment on Tuesday, June 18.
Ensuring financial stability
For recipients who rely heavily on their Social Security payments, these schedule adjustments can be challenging. It’s crucial to plan ahead and budget accordingly to ensure financial stability during months when payments are advanced. Understanding the SSA’s payment schedule and being aware of upcoming adjustments can help recipients manage their finances more effectively.
While it may seem alarming to not receive a Social Security payment in June, it’s important to remember that this is due to the SSA’s payment schedule adjustments. Recipients have already received their June payment at the end of May. By staying informed about the payment schedule and planning accordingly, recipients can navigate these adjustments with greater ease and confidence.
The SSA aims to ensure that all recipients receive their benefits in a timely manner, even if it means adjusting the payment dates to accommodate weekends and holidays.
