The new calendar starts next June without a payment for Supplemental Security Income (SSI) beneficiaries, who already received their paycheck on May 31. This is due to a peculiarity of the Social Security administration’s calendar that decides to advance payments that fall on holidays or weekends. The payment of SSI benefits is made on the 1st of each month, but since the first of June was a Saturday, the payment was advanced to May 31.
The next thing the SSA has prepared regarding payments is today, June 3rd: On this day, those who claim benefits before May 1997 or who receive both Social Security and SSI benefits receive their payment. The social security payment is made on June 3rd and the SSI was already sent, as we said before, on May 31st.
Three rounds of approved payments for SSDI and Social Security beneficiaries.
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Attention Retirees and SSDI Beneficiaries: Changes to Payment Schedule
The Social Security Administration approved new rounds of payments for Social Security Disability Insurance (SSDI) and Social Security beneficiaries (including retirement payments), which will be sent on the second, third and fourth Wednesday.
Wednesday, June 12th is the first payment of this round for those beneficiaries with date of birth between 1st and 10th of any month. Tuesday, June 18th is the date when those beneficiaries with a date of birth between the 11th and the 20th receive their checks or bank deposits. Here you will see a small detail: the payment is not sent on Wednesday the 19th but is sent on Tuesday the 18th. This is because the 19th is Emancipation Day in the United States, that is, a holiday, and following the SSA rule, payments are advanced to the nearest business day.
The last of this round of payments is on Wednesday, June 26, when those with a birth date between the 21st and the 31st of any month receive benefits.
How to sign up for the maximum Social Security retirement payment in 2024
How to Score the Maximum Social Security Retirement Payment in 2024
$4,873 may sound like a juicy check for a retiree, and it really is. This is the maximum payment that the SSA can approve for a retiree. But this is a payment selected and set aside especially for a group of beneficiaries who meet three essential requirements.
The first is to delay retirement until age 70, even though your full retirement age (FRA) is much earlier than that. In general, if you were born before 1937, your FRA is 65, and if you were born between 1937 and 1954, your FRA is 65 to 67. But if you delay claiming your benefits until age 70, it greatly increases the size of your retirement check. The SSA explains that your benefits will increase by 8% for each year you delay retirement after full retirement age, up to a maximum of 24%.
To claim the $4,873 payment check, which is the maximum the SSA will approve in 2024, you must also have accumulated at least 40 Social Security credits over the course of your working career. In 2024, you will receive 1 credit for every $1,730 of earnings, up to a maximum of 4 credits per year. Finally, you must have had at least 35 years of Social security contributions with wages high enough to qualify for the $4,873 maximum benefit.