New payments will be like a breath of fresh air for more than 70 million Americans who qualify for monthly payments. Social Security’s direct deposits will be due on 4 different paydays.
Apart from Social Security’s direct deposits, SSI payments will also be arriving shortly. Bear in mind that the SSA administers SSI and arranges paydays, but the Federal Government funds it.
Social Security’s direct deposits on the 3rd and SSI on May 31
The first chance to receive money from the Administration will be on June 3, 2024. This payment will be for those who started getting retirement or disability benefits before May 1997.
Not just them, it will also be for those who receive SSI on May 31. So, if you are on Supplemental Security Income and Social Security simultaneously, you will get the direct deposit on the third too.
SSI direct deposits should have been scheduled for June 1. But Social Security only sends payments on business days. So it is not possible to send money on Saturday, Sunday or Federal holidays.
Social Security’s direct deposits from June 12-26
If you did not get retirement or disability (SSDI) benefits before May 1997, the Administration will send direct deposits to eligible recipients who meet the birthday requirement.
For instance, if your birthday is from the first to the tenth of any month, your direct deposit will be due on June 12. June 18 will be a new payday since Wednesday, June 19 is a Federal holiday.
Of course, your birthday is also important. If it is from 11-20, June 18 will be your new payment date. The last group of Social Security beneficiaries to get money will be those whose birth date is from 21-31. Check direct deposit maximum amounts:
- maximum benefit for retirees: $4,873 if filed at 70
- maximum benefit for retirees: $3,822 if filed at Full Retirement Age
- maximum benefit for retirees: $2,710 if filed at 62
- maximum benefit for SSDI: $3,822
- maximum benefit for SSI: $943 (single) or $1,415 (married)