Social Security funds are sent to people across the United States every month. In September, there will be another round of payments. When these payments are made varies on a number of things, such as the person receiving the benefit and their date of birth.
This money comes from the Social Security Administration (SSA). The SSA is in charge of both retirement benefits for retirees and their families and disability benefits for people who apply.
There are different payment schedules for each type of Social Security income. To give you an example, retirement benefits are given out throughout the month. The exact date of deposit depends on the beneficiary’s birthday and how long they have been getting benefits.
Supplemental Security Income (SSI), on the other hand, helps elderly, sick, and disabled people who don’t have much money or resources. It is usually sent out at the start of each month.
Social Security Retirement Benefit Payment Schedule
The following times show when people who only get Social Security retirement benefits will be paid in September:
– August 30: This year, September 1 happens on a Sunday, so people who started getting benefits before May 1997 will get their payments two days early, on August 30. The SSA said that this change is being made so that recipients don’t have to go through hard times financially by having to wait until after the first of the month to get their money.
It was made clear by the SSA in a blog post: “We’re doing this so that you don’t lose money and so that you don’t have to wait past the first of the month to get your payment.” In other words, you did not get a double payment last month, so you do not need to call us to report the second payment.
- September 11: Recipients with birthdays between the 1st and 10th of any month can expect their benefits to be deposited on September 11.
- September 18: Those born between the 11th and 20th will receive their payments on September 18.
- September 25: Those born between the 21st and 31st will have their benefits deposited on September 25.
Disability and Supplemental Security Income (SSI) benefits
SSI and disability benefits are paid at different times than retirement benefits. Each month on the first, SSI payouts and retirement benefits for people who started getting them before May 1997 are sent out. But for September, these benefits will be changed in the following ways:
- – August 30: SSI payments normally due on September 1 will instead be paid on August 30 due to the weekend adjustment.
- – September 3: Individuals who receive both retirement benefits and SSI will receive their retirement payment on September 3.
SSA tells people who are supposed to get payments to wait three business days before calling the agency if they haven’t received their money by the due date. This grace time lets you know that payments might not be processed or delivered right away.
Cost of Living Adjustment (COLA)
In addition to their regular payouts, beneficiaries may see their monthly payments go up because of the January Cost of Living Adjustment (COLA). An independent Social Security and Medicare policy analyst named Mary Johnson recently said that payments for seniors could go up by 2.6%. Based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for July, August, and September, this change is expected to happen. In October, the official COLA raise will be announced. This increase is meant to counteract the effects of inflation.
The COLA is a big part of making sure that Social Security payments can still be used to buy things, especially for seniors and other people on fixed incomes. The change makes sure that Social Security benefits keep up with the rising cost of living. This helps people who get benefits handle their money as the economy changes.
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