Knowing the Social Security payment schedule is critical for SSI and other benefit recipients in the United States. With information on payment days, retirees and other beneficiaries can know exactly when in the month they will be able to get the money in their bank account.
However, it is true that many Americans are completely unaware of this payment schedule. And this is a disadvantage for them. Social Security recipients who have a check for SSI or another benefit, either disability or retirement, need to know this information to avoid financial problems.
So with just a glance at the calendar, these retirees can find out the exact day the Administration pays each check each month. This makes family finances much easier. Whether we have the maximum $914 SSI check or any other different benefit. The important thing is to be able to know the payment days in advance.
And in the month of October we find that we will not be able to get SSI payments. This is not such a big setback when you consider that the Administration actually sent the Supplemental Security Income payment early. The important thing is that before the end of the year, every retiree who has this benefit accepted will be able to enjoy 12 monthly payments.
WHY NO SSI PAYMENT IN OCTOBER?
The October SSI payment does exist, although it may seem otherwise. However, the mailing date is not the usual date for this type of benefit. Unlike Social Security payments, which have up to 4 different mailing days, Supplemental Security Income recipients get their money all on the same day.
Well, whether they get it on the same day or not depends on the method of payment. But what is certain is that the Social Security Administration sends these checks on the same day of the month to each and every beneficiary. And that day is the 1st of each month. This is true except in some months when there are exceptions. October is one of those exceptions, so we must watch out for financial planning.
The reason is very simple. The Social Security Administration does not send out checks for any benefits on holidays and weekends. And October 1st was a weekend, so the SSA did not pay the SSI check on that day. To avoid long delays, it paid the check on the immediately preceding business day, i.e., September 29.
WHEN IS THE NEXT SUPPLEMENTAL SECURITY INCOME PAYMENT?
After the September 29th payment, which is on the October calendar, the Administration will send SSI checks to beneficiaries who have SSI accepted on November 1st. This payment will be the second to last check for Supplemental Security Income in 2023.
We will still get an extra SSI payment in 2023, on December 29th. This payment will be the first with the 3.2% COLA added, as it actually belongs to the January 2024 Social Security payment schedule.
So before the end of the year we will be looking at 3 more SSI payments. One of those payments will be in November and the other two in December. But we should not be confused, as the second December payment does not actually belong to the year 2023, but to the next year 2024.
Each of these payments is individual, so we will collect them on different days. Best of all, if we activate Direct Deposit, the check will arrive immediately and we won’t have to wait a day. That way we will get the first of the 2024 payments in December 2023. COLA increase included.