Social Security disburses monthly payments to numerous retirees, including disability benefits and SSDI, which are issued concurrently with retirement checks. Recipients of Supplemental Security Income should have already received their payments. However, individuals who began receiving Social Security benefits prior to May 1997 typically receive their funds on the third day of each month, except for June when they received it on the second due to the weekend falling on June 3.
The Social Security Administration regularly provides advance payments when payday coincides with a holiday or weekend. Notably, there are three crucial remaining paydays scheduled by the SSA, occurring on Wednesdays and organized based on beneficiaries’ birthdates. The upcoming significant payday falls on June 14th, and it corresponds to the Social Security payment for eligible recipients of retirement and disability benefits.
What is the date of the upcoming Social Security payment in June?
To be eligible for this payments, your birthday must fall between the 1st and 10th of the month. On average, retirees can expect to receive a check worth $1,827. While some seniors and individuals with disabilities receive smaller checks, others may be eligible for larger Social Security payments based on factors such as being high-earners, retiring at the age of 70, and having at least 35 years of work history.
The maximum amount for retirement benefits is $4,555, whereas for SSDI or disability benefits, it is $3,627.
The second significant payment for recipients of retirement and disability benefits is scheduled for June 21st. This date corresponds to the third Wednesday of June 2023, and individuals with birthdays from the 11th to the 20th will be paid. They may also expect to receive checks averaging $1,827.
Regarding the third payment, it will be made on June 28th, 2023, for the remaining recipients of retirement and disability benefits whose birthdays fall between the 21st and the 31st of the month. Once again, the average amount of around $1,827 can be anticipated.
It’s important to note that the final payment, specifically for Supplemental Security Income (SSI) beneficiaries, will be issued on June 30th. However, this check is intended for July and not June, as it is provided in advance due to the payday falling on a weekend. Here is a summary of the payment dates to help you plan your monthly budget.
When will recipients of the final Social Security payment in June receive their checks?
Recipients of Social Security payments in June will receive their checks on the second, third, or fourth Wednesday of the month, depending on their birth date. Those born between the 1st and 10th of the month will receive their payment on the second Wednesday, those born between the 11th and 20th will receive theirs on the third Wednesday, and those born between the 21st and 31st will receive theirs on the fourth Wednesday.
For those who receive Supplemental Security Income (SSI), payments will be distributed on the first and last day of June, with no payments in July, and the next payment will go out on August 1. It is important to note that Social Security no longer pays benefits by check, and payments are made via direct deposit or Direct Express debit card
What factors determine the amount of Social Security Check benefits received?
Social Security Check benefits are calculated based on a formula that takes into account several factors. These include the worker’s earnings history, age of retirement, and other factors such as whether or not the individual was married. Specifically, the four key factors that determine the amount of Social Security benefits an individual receives are their work history, earnings history, birth year, and claiming age. The Social Security Administration looks at an individual’s highest 35 years of earnings when calculating their benefits.
To maximize Social Security benefits, individuals can work longer and delay claiming Social Security. Negotiating salary when starting a job and negotiating annual raises can also help increase earnings. It is important to understand how the SSA calculates benefit amounts to make informed choices about maximizing Social Security income in retirement. Additionally, other sources of income can affect the amount an individual receives in Social Security benefits if they exceed certain thresholds, and there are special rules that apply to certain types of earned income.
What is the difference between retirement benefits and SSDI or disability benefits?
Social Security provides two types of disability insurance: Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI).
- SSI benefits are based on financial need, while SSDI benefits are based on work credits.
- SSDI is essentially a form of early retirement for those who become disabled before age 65, and the monthly benefit is the same as Social Security retirement benefits.
However, the calculation for SSDI is different from retirement benefits because it’s derived from your adjusted monthly average income from age 21 until the year you became disabled.
The main difference between SSI and SSDI is that SSI is based on limited income and resources, whereas SSDI is based on work credits. Another difference between SSI and SSDI is that in order to qualify for SSDI, you need to have a disability that is severe enough to keep you from working full time for at least a year, whereas you do not need to have work credits to qualify for SSI. When eligible individuals receiving disability benefits reach retirement age, the Social Security Administration refers to payments as retirement benefits, but no other changes take place.