Wednesday is an important day for the Social Security Administration (SSA), when payments are usually delivered to those receiving Social Security benefits. This is the largest benefit program administered by the SSA, with over 66.9 million recipients. However, this week is a little different because it is the fifth Wednesday of the month, and all payments have already been made in the previous weeks.
When does the Social Security Administration make payments?
The millions of people who receive benefits from the SSA have their payment dates scattered throughout the month.
Supplemental Security Income benefit schedule
Supplemental Security Income (SSI) benefits are paid on the first of every month. If the first falls on a weekend or holiday, the payment is made on the last working day before the weekend or holiday. For example, in 2024, New Year’s Day falls on a Sunday, so the first COLA-adjusted payment will be delivered on Friday, December 29th. This means SSI beneficiaries will receive two payments in December and none in January.
What was the average SSI benefit in October?
In October, those under 18 received an average SSI benefit of $790.41, while those between 18 and 64 received $720.97, and those over 65 received $554.10.
Social Security benefit schedule
Social Security benefits are distributed to eligible recipients on the first three Wednesdays of every month. The specific Wednesday on which a person receives their benefits depends on their date of birth. However, if someone has been receiving benefits since before May 1997, their benefits are always sent on the third of every month. Similarly, if the third falls on a weekend or holiday, the payments are paid on the previous working day.
What was the average Social Security benefit in October?
How much as In October 2023, the average Social Security benefit amount for the 49.9 million retired workers was $1,843.96.
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