Copyright Newsweek
Millions of Americans will be receiving their monthly Social Security payments this week—the fifth, and second to last, payment to be sent this month. Despite the ongoing federal government shutdown, Social Security payments are expected to be paid as normal because the program is funded separately to the annual budget process. Why It Matters Tens of millions of Americans rely on the Social Security Administration (SSA) for monthly income through retirement or disability benefits. In many cases—almost 40 million Americans—Social Security payments made up at least half of recipients' monthly income in 2022. For more than 25 million people, three quarters of their monthly income comes from such payments, according to the Pew Research Center. What To Know On Wednesday this week, Social Security payments will be sent to recipients whose birthdays fall between the 21st and 31st of any month. The reason the SSA sends eligible Americans their payments on different days of the month is because of the program's size, and as a result a recipient's birthday dictates when they receive payment. There are also different kinds of payments made each month, such as Supplemental Security Income (SSI) benefits, which are usually sent on the first day of each month, and then Social Security payments made to those who started receiving the benefits after 1997 based on their birthday, following the pattern of the second, third and fourth Wednesday of each month. Fixed Social Security payments, given to those who qualify for both SSI and Social Security, who started receiving Social Security before 1997, or who live outside the U.S., are sent on the third of the month. The amount of Social Security payments each beneficiary receives depends on their lifetime earnings and how many years they contributed to Social Security through payroll taxes. The average monthly retirement benefit is about $2,006.69 as of July this year. Americans aged 62 may receive up to $2,831 per month, while those who wait until the full retirement age of 67 may receive $4,018. This rises to $5,108 for those who retire at 70. If a payment does not arrive on its scheduled date, recipients should wait three business days before contacting the SSA. Weekends and federal holidays do not count as business days. What Happens Next SSI is a federal program that provides monthly assistance to low-income seniors over 65, along with individuals who are blind or disabled. While SSI benefits were already sent on October 1, the SSA will send another wave of payments on October 31. There were also two days of SSI benefits in May and August and December will also see two payments, on December 1 and 31.
