Social Security payments continue to be issued monthly by the Social Security Administration (SSA) to millions of beneficiaries, mainly retired workers. The distribution of payments is based on the day of birth of the beneficiary.
Payment Dates
Those born between 1-11 receive their payment on the second Wednesday of the month, 11-20 on the third Wednesday, and 20-31 on the last Wednesday of the month. However, recipients of Supplemental Income (SSI) and those who retired before May 1997 receive their payments during the first days of the month, regardless of their birth date.
Payment Amounts
The payment amount is calculated based on several factors, including the beneficiary’s years of work, salary, and retirement age. The average payment for a retiree will be $1,827 by 2023, according to the SSA. However, some may be eligible for the maximum benefit of $4,555 depending on their work history and retirement age.
Eligibility for Maximum Social Security Benefit
To qualify for the maximum Social Security benefit of $4,555 per month, a beneficiary must have worked for at least 35 years and earned the salary cap for each of those 35 years. They must also retire at age 70.
June Payment Schedule
SSI recipients received their payment on May 1, while recipients who began receiving payments before May 1997 received their payment on May 3. Beneficiaries with a date of birth between 1 and 10 received their payments on May 10, 11-20 on May 17, and 21-31 on May 24. The beneficiaries who received payment in the week of May 15-19 are those born between the 11th and 20th.
Conclusion
Knowing the payment schedule can help beneficiaries plan and prepare for their monthly expenses. Understanding the eligibility criteria for maximum Social Security benefits can also aid in financial planning for retirement.