Social Security payments are a financial benefit the government provides to eligible individuals who have contributed to the Social Security program through payroll taxes during their working years. Are you curious about when the U.S. Social Security Administration (SSA) distributes Social Security benefits?
Let’s look at the schedule for the Social Security payments in 2023 if you’re a recipient. To apply for social security payments, individuals must meet certain requirements set by the Social Security Administration. These requirements typically include age, work history, and disability status.
Supplemental Security Income (SSI) recipients will receive their SSI checks based on this schedule
It’s worth noting that in some months, the SSA issues two SSI checks, while no checks are issued in others. For instance, in June 2023, SSI recipients will receive two payments. This is due to the regular payment date for July falling on Independence Day, a day when banks will be closed.
Having said this, the July payment must have already arrived to your account or your mailbox, and the next one will be released in August. Will happen again that there will be months with double payments, following this schedule:
February 1
March 1
March 31
May 1
June 1June 30- August 1
- September 1
- September 29
- November 1
- December 1
- December 29
A Comprehensive Guide to the Social Security payment schedule for 2023
In 2023, the Social Security payments will adhere to the following monthly schedule:
- Recipients with birth dates falling between the 1st and the 10th of the month will receive their payments on the second Wednesday of each month.
- Recipients with birth dates falling between the 11th and the 20th of the month will receive their payments on the third Wednesday of each month.
- Recipients with birth dates falling between the 21st and the 31st of the month will receive their payments on the fourth Wednesday of each month.
Social Security Payments in July 2023: How much will you receive?
The amount of money you’ll receive in July depends on the program(s) you’re enrolled in. For those not enrolled in Supplemental Security Income (SSI), the Social Security payments in July 2023 will generally remain the same as every other month.
However, if you are an SSI recipient, you won’t receive an SSI check in July because you would have already received two checks in June. If you haven’t received both of your SSI payments in June 2023, it is advisable to reach out to the Social Security Administration (SSA).
Social Security payments in the remaining months of 2023
To understand the specific dates of Social Security payments, the SSA’s Social Security payout chart provides a comprehensive overview of payment issuance for each month in 2023.
According to the chart, the payment dates for July 2023 are as follows:
- July 12th: Payments for recipients whose birth dates range from the 1st to the 10th of the month.
- July 19th: Payments for Social Security recipients whose birth dates range from the 11th to the 20th of the month.
- July 26th: Payments for recipients whose birth dates range from the 21st to the 31st of the month.
Once again, it’s important to note that due to the Independence Day holiday, Supplemental Security Income recipients will not receive a payment in July 2023. Instead, they will receive two payments in June.
You can still collect up to $4,555 in a direct payment
As mentioned, American retirees can expect to receive their first round of July’s three Social Security payments on July 12th. This payment will be made to recipients who were born between the 1st and 10th of a month. This ensures that recipients have ample time to plan and manage their finances effectively. By disbursing the first payment on the second Wednesday of July, the Social Security Administration aims to provide retirees with a stable income source from the beginning of the month.
After that first payment, retirees can expect their subsequent Social Security payments to be disbursed on the second, third, and fourth Wednesdays of each month. This regular schedule ensures a consistent income flow throughout the year, allowing individuals to meet their financial obligations and plan for a comfortable retirement.
Retirees will be pleased to find out that the Social Security payments can provide a significant financial boost, with the potential to receive up to $4,555, but not anyone is entitled to this much money. The amount you can receive as a beneficiary varies depending on when you choose to retire. If you decide to retire at 62, the Social Security Administration (SSA) provides monthly payments of up to $2,572. On the other hand, if you retire at 67, the maximum benefit increases to $3,627. However, if you’re able to delay retirement until the age of 70, you’ll be eligible for the highest maximum payment of up to $4,555 per month.
What happens if I don’t receive my SSI payment in June 2023?
If you don’t receive your SSI payment in June 2023, there could be a few reasons for this.
SSI payment schedule: According to the Social Security Administration (SSA), SSI payments are typically issued on the first day of each month. However, there are exceptions to this schedule, in some months, SSI beneficiaries may receive two payments, while in other months, no payments are deposited [4]. For example, in June 2023, SSI recipients receive two payments because the typical payment date for July falls on Independence Day, when banks will be closed.
Direct deposit: Most SSI payments are made via direct deposit, so if you have set up direct deposit with the SSA, you can expect to receive your payment on the designated dates. However, the exact timing may depend on your bank’s processing time.
Contact the SSA: If you haven’t received your SSI payment, and it has been more than three additional mailing days or the expected direct deposit date, you should contact the Social Security Administration. They can provide information about the status of your payment and assist your further needs.
The Social Security COLA to change soon: Will I get less or more money?
The Social Security payments also rely on the Cost of Living Adjustment (COLA), a mechanism used to adjust salaries, wages, or benefits in order to cope to the cost of living. The calculation of this parameter is typically based on the Urban Wage Earners and Clerical Workers (CPI-W), which measures changes in the average prices of a predetermined basket of goods and services.
COLA adjustments are usually made on an annual basis, although they can also occur more frequently, such as semi-annually or quarterly, depending on the circumstances. The Social Security COLA was 8.7% for 2023, the highest increase since 1981.
The Senior Citizens League’s projection for a much lower COLA in fiscal year 2024 is based on the declining 12-month average rate for CPI-W. According to a recent report from the U.S. Bureau of Labor Statistics, the overall inflation rate rose by 6% for the 12 months ending in February 2023. This increase represents the smallest 12-month rise since the period ending in September 2021. But don’t worry, this will more reduce the amount of money you get: It just means that the increment for next year will be slower, since it’s just enough to deal the inflation for 2024, which is expected to slow down.
The COLA seems like it will be under 3% and could fall into the 2% (or even lower range) by the third quarter if that 12-month average continues to decline.