Millions of Social Security recipients are eagerly awaiting their monthly payments June 12, with some potentially receiving up to $4,873. The Social Security Administration (SSA) issues monthly retirement and disability benefits to a variety of individuals, including:
- Retired Americans
- Individuals with disabilities
- Surviving family members of deceased claimants
Social Security Administration payments
With approximately 67 million people depending on these payments, the distribution schedule is not uniform throughout the month. Payments will be distributed Wednesday, June 12, to those born between the first and 10th of any given month in the year. However, specific conditions apply:
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- Recipients must not have been claiming Social Security since before 1997.
- Recipients must not also receive Supplemental Security Income (SSI).
If you do not receive your scheduled payment for any reason, the SSA advises waiting three working days before reaching out to them for assistance. Stay informed and ensure you receive your Social Security benefits in a timely manner. If you have any concerns or questions, the SSA is there to help.
This month, there has been a slight adjustment to the Social Security payment distribution schedule. Normally, the first round of payments for this category is issued in the second week of the month. However, for June, these payments are being processed in the third week, starting Monday, June 10.
Changes in the Payment Schedule
Typically, payments are made monthly to all beneficiaries, ensuring a consistent financial flow. However, due to June 2024 starting on a Saturday, the payment schedule has shifted, moving the distribution to the third week of the month. This alteration might give the impression that recipients are waiting longer for their regular payment, but this is not the case. Individuals with birthdays in the first 10 days of the month will still receive their payments on the second Wednesday.
Upcoming Changes in Payment Schedule
While such changes are rare, the SSA’s payment schedule indicates that similar adjustments will occur in August and November of this year. It’s important for beneficiaries to stay informed about these changes to avoid any confusion.
- June Payments: Third week, starting June 10
- August Payments: Third week
- November Payments: Third week
Stay updated with the latest information to ensure you know when to expect your Social Security payments. Regular updates from the SSA will help you stay informed about any future adjustments.
Understanding how Social Security benefits are calculated and what influences the maximum monthly amount can be crucial for recipients. Only a select few will receive the maximum monthly benefit of $4,873. Your payment amount depends on several factors, including the number of years you’ve worked and your earnings over those years. For perspective, the average monthly retirement benefit paid to claimants in January 2024 was $1,907.
Boosting Your Social Security Payments
Seniors looking forward to an increase in their Social Security payments need to be patient until the next year when the Cost of Living Adjustment (COLA) is applied. Each year, federal benefits are adjusted to keep up with inflation. This adjustment is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
2024 Social Security Benefits Increase
In 2024, Social Security benefits saw a 3.2 percent increase. This might seem modest compared to the historic rise of 8.7 percent in 2023. That substantial increase was a response to the soaring inflation caused by the coronavirus pandemic and its aftermath.
With these adjustments, Social Security aims to ensure that retirees and other benefit claimants maintain their purchasing power despite changes in the economy. Understanding these adjustments and how they affect your benefits can help you plan your finances more effectively.