Today, Americans who receive Supplemental Security Income (SSI), or Social Security, will get a bonus check.
One feature of the payment schedule is that eligible recipients will receive a check on September 1 and another check on Friday, since October 1 falls on a Saturday. Payments are usually issued on the first of each month.
However, since the two checks will be split in September, that means recipients won’t receive another check until November.
The Social Security Administration (SSA) states in a Frequently Asked Questions (FAQ) on its website: “If your regular payment date falls on a Saturday, Sunday, or statutory public holiday, your benefit payment will be due on the day before your due date. Pay on working days.” page.
This is the third time this has happened, with the first and second happening in March and June respectively. This will also happen again in December, meaning recipients will not receive any checks in January 2024.
Social Security benefits depend on a variety of factors that vary by beneficiary and family, such as work history and age at which Social Security payments begin. The more credits earned during employment, the more benefits you will receive prior to program camp.
The later a person receives benefits, the more benefits they will receive by age 70.
According to Nasdaq, a person who starts receiving benefits at full retirement age of 67 could receive up to $3,627 in Social Security benefits this month. Those who start collecting as early as age 62 can receive up to $2,572, while those who start collecting as early as age 70 can receive up to $4,555.
The SSA says the average amount a retiree receives is about $1,838.
October is an important month as the SSA will announce the cost of living adjustment (COLA) for seniors, which will be 3.2%, a 3% increase from the August forecast, according to policy groups such as The Seniors Coalition (TSCL) , thereby increasing the average monthly pension to $1,790, an increase of $57.30.
Due to factors such as cooling inflation, COLA pales in comparison to the benefit currently received by 8.7% of retirees. The figure, announced nearly a year ago, is the highest in four decades.
“It’s hard to save enough right now,” said Mary Johnson, TSCL Social Security and Medicare policy analyst. Weekly newspaper earlier this month. “You have to start earlier to actually save over $1 million or even an average of $40,000 a year in income.
“If people aren’t working that kind of job and haven’t saved that much money, it’s very difficult,” she said.