Social Security recipients are worried after learning they won’t receive a monthly check in December.
However, this is simply due to a quirk of the calendar: some will receive two checks in November.
The change affects those receiving Social Security and Supplemental Security Income (SSI), which for couples can provide up to $4,873 and $1,415 respectively.
Social Security is a retirement benefit based on work history. On the other hand, SSI is needs-based and designed to help seniors who don’t qualify for regular Social Security, as well as people of any age who are blind or have disabilities.
SSI payments are issued on the first business day of the month.
But since this year December 1st falls on a Sunday, the month’s payments will be distributed on Friday, November 29th.
SSI is a benefit for anyone over age 65, blind or disabled, and with limited income.
Retirement checks are also subject to the same timing quirks and can sometimes arrive a couple of days early.
Payments are staggered throughout the month due to the large amount that must be processed.
If you are born between the 1st and 10th of any month, you should receive your monthly check on the second Wednesday of the month.
Those born in the next category, between 11 and 20, received their check on the third Wednesday of the month, October 16.
Those born between the 21st and 31st of a given month will receive their check on the fourth Wednesday, falling next week on the 23rd.
The highest retirement payments amount to $4,873, although the figure is likely to be lower for most recipients.
In fact, the average monthly retirement check is $1,907, a figure that takes into account the 35 highest earning years in a beneficiary’s career and adjusts for inflation.
‘The maximum benefit depends on the retirement age. For example, if you retire at full retirement age in 2024, your maximum benefit would be $3,822,’ the SSA states on its website.
‘However, if you retire at age 62 in 2024, your maximum benefit would be $2,710.
“If you retire at age 70 in 2024, your maximum benefit would be $4,873,” the site explains.
Total payments, including retirement, disability and survivor payments, now cost the government about $1.5 trillion a year.
Meanwhile, Americans living in nine states will collect less Social Security starting this month due to increased taxes.
Social security beneficiaries were worried after consulting the control schedule
Recipients who live in Colorado, Connecticut, Minnesota, Montana, New Mexico, Rhode Island, Utah, Vermont, or West Virginia may have to pay more.
The exact impact will depend on the state you live in and your overall income.
It also emerged earlier this year that Social Security is expected to run out of funds by 2035.
The program relies on its trust funds to provide monthly benefit checks to about 70 million Americans.
But an aging population is driving up the cost of the program as a smaller share of people are contributing to it and spending is outpacing income.
The last annual report of the Social Security Board of Directors concluded that the program will only be able to pay full benefits for the next 11 years, one year later than previous estimates.
