A new round of payments from the Social Security Administration (SSA) is being sent to millions of beneficiaries across the United States. The agency now issues the second check of the triad of checks that are payable every month on the second, third and fourth Wednesday of each month.
This June 12 is precisely the second Wednesday of the month, so Social Security and Social Security Disability Insurance (SSDI) beneficiary groups with a date of birth between the 1st and the 10th of any given month will begin to receive payments.
How Much Will Social Security Recipients Receive This June 12th?
Every year, the SSA and other federal agencies such as the Food and Nutrition Service of the United States Department of Agriculture make increases to prevent the beneficiaries of all their programs and initiatives from losing purchasing power.
This is particularly important for low-income Social Security recipients who rely heavily on benefits to cover their monthly expenses. The increase is based on the index known as the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), prepared by the Bureau of Labor Statistics (BLS), and this increase is called the cost of living adjustment (COLA).
During the year 2024, Social Security benefits come with a 3.2% increase over last year. The SSA estimates the average payment for a retired worker at $1,900 for an individual, and $3,303 for a couple filing a joint return. For SSI beneficiaries, the approximate amount is $943 for individuals and $1,415 for couples.
Specific Group of Retirees Will Receive Their Next Payment on July 1st
The SSA groups separately those retirees and other Social Security beneficiaries who began claiming payments before May 1997, and puts them on the same payment date along with those who receive both Social Security and Supplemental Security Income (SSI). In such a case, the payment for Social Security benefits is made on the 1st of each month, while the SSI payment is made on the 3rd of each month.
In the month of June there was no SSI payment since June 1st was a Saturday: as a rule, the SSA does not pay benefits on holidays or weekends and when that is the case, it advances the payment dates to the nearest business day. These particular payments were sent on May 31st, while the next check or bank deposit will be sent on July 1st, which falls on a Monday.
The month of July will not have modifications in its calendar by serial dates or by weekend. Retiree and SSI payments will be sent the second, third, and fourth Wednesday of the month. SSI benefits will be sent out on July 1, and benefits for those retirees claiming payments since before May 1997 will see the money on July 3.