Social security payments come out earlier than usual

Some Social Security recipients who will be paid this week will receive their monthly payments a day earlier than usual.

Social Security payments made to retired Americans, those with disabilities, and survivors of former claimants are paid on a monthly basis by the Social Security Administration (SSA). By the end of 2023, about 67 million Americans were receiving benefits from the government agency.

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Changes are made to the Social Security schedule when the usual payment date falls on either a weekend or a national holiday. This week, recipients who were due to be paid on Wednesday will be paid a day earlier, on Tuesday, due to the June 19 national holiday.

The change applies to all Social Security recipients who claim retirement benefits, who do not live abroad, do not also claim Supplemental Security Income (SSI), have not claimed since before 1997, and whose birthday falls between the 11th and 20 of any given month. the year.

It is not the first time this month that the benefit distribution schedule has changed. Typically, the first round of Social Security payments for retirees in the above category is made in the second week of the month. However, in the month of June, these payments were made in the third week, which started on Monday, June 10.

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Those pre-1997 retirees, SSI claimants and Americans abroad were also subject to a time change in June. Their payment actually came a day early on May 31st instead of June 1st, due to the usual date falling on a Saturday.

Regardless of when you’re paid, the amount you get in Social Security benefits depends on a number of factors. Social Security checks are calculated based on the age you started claiming and how much you earned during your 35 years of highest-paying work. The average amount paid in January was $1,907, but the maximum available to those who qualify is $4,873.

In 2024, this maximum is only available to those who retired at age 70. If you stop working and start claiming at age 62—the earliest possible age—your maximum benefit would be $2,710, the SSA said. For those retiring at full retirement age for their age group, the maximum benefit currently payable is $3,822.

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This amount is also subject to the annual cost of living adjustment (COLA), which increases benefits in line with retirement each year. Mary Johnson, a Social Security and Medicare policy analyst, said Newsweek that it expects retirement and disability benefits to increase by 3 percent in 2025.