The Social Security Administration (SSA) manages the payment system, which follows a fixed schedule based on the beneficiary’s birth date. This technique is intended to distribute cash over several weeks, resulting in smoother federal budget administration and timely disbursements.
This schedule affects over 67 million Americans receiving Social Security benefits. In 2024, the average monthly benefit is $1,920. Social Security, a critical component of the United States’ social safety net, costs more than $1 trillion per year.
Who receives Social Security payments?
Familiarizing yourself with the Social Security and SSI payment schedules can allow you to better manage your money and spot potential delays or concerns with your deposits.
In December 2024, payments will follow this timetable:
- Wednesday, December 11: Beneficiaries born between the 1st and 10th of any month.
- Wednesday, December 18: Beneficiaries born between the 11th and 20th.
- Wednesday, December 24: Beneficiaries born between the 21st and 31st.
Aside from Social Security, the SSA manages the Supplemental Security Income (SSI) program, which offers financial help to people with low income and resources. To be eligible, recipients must meet certain criteria, such as being over 65, having a disability, or being blind. Children who meet the eligibility requirements may get SSI benefits.
Social Security recipients are divided into three groups:
- Retirees: This is the largest group, including 45 to 50 million individuals who have reached retirement age or accrued enough work credits to qualify for benefits.
- People with Disabilities: Approximately 17 million beneficiaries fall into this category, receiving support due to disabilities that limit their ability to work.
- Survivors: These beneficiaries include family members, such as spouses or children, who qualify for payments after the death of an eligible worker.
When is SSI paid?
SSI payments for December 2024 are slated for Tuesday, December 31, which coincides with New Year’s Eve. As of 2022, SSI funds were distributed to approximately 7.5 million people, with 85% of them blind or crippled. The majority of beneficiaries were between the ages of 18 and 64, and 55% were female.
Exceptions to Payment Schedule
Certain groups of Social Security beneficiaries may receive benefits earlier than the dates specified in the December 2024 schedule:
- Beneficiaries Before 1997: Those who began receiving Social Security benefits prior to this year typically get their payments on the first day of the month.
- Individuals Receiving Both SSI and Social Security: These beneficiaries usually receive their payments at the start of the month, often on December 1 or 3.
If you fall into one of these groups and do not get your payment as expected, you must call the Social Security Administration immediately to resolve any concerns.
Why understanding the payment schedule matters
Furthermore, understanding how the system works is quite useful if you intend to apply for these benefits in the future or help a family member who relies on this income. Understanding the payment process helps you keep informed and prepared, reducing the likelihood of issues.
If you have issues regarding your payments or need assistance applying for benefits, contact the Social Security Administration via their official channels or website. Staying informed is the greatest way to ensure that you obtain the funds to which you are entitled with minimal difficulty.
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