Once in a while, the winter holidays land on a Saturday or Sunday and it may affect the timely delivery of your Social Security payments.
Both Christmas Eve and Christmas Day are on weekends this year; similarly, New Year’s Eve and New Year’s Day are on weekends because they are precisely one week later.
Since most 9-to-5ers receive weekends off already, this is good news for American workers whose companies give an observed holiday on a workday to compensate, for example, Monday, December 26, and Monday, January 2, for example.
Social Security Payment Schedule
If your regular benefit payment date is a Saturday, Sunday, or federal holiday, the Social Security Administration states that you will get your payment one working day prior to the holiday.
Since Social Security payments are made every other Wednesday depending on an individual’s birth date, this won’t be an issue for the vast majority of the program’s 66 million beneficiaries. According to AARP, the itinerary consists of the following events:
- Payment is made on the second Wednesday of the month for those with birthdays between January 1 and December 10.
- Payment is made on the third Wednesday of the month for those with birthdays between November 11th and December 20th.
- Payments are made on the fourth Wednesday of each month for those whose birthdays fall between December 21 and December 31.
Read more: Arkansas stimulus checks: How to be eligible for $1,500 before Christmas?
Payment Will Be On February
The New Year’s holiday won’t affect people who receive retirement payments from Social Security, but the fact that the holiday falls on a Sunday will affect those who receive Supplemental Security Income.
Due to the fact that the first of every month is a weekend and a holiday, SSI recipients will get their payments on a different timetable than usual. The Social Security Administration (SSA) will distribute January benefits to SSI recipients two days early, on Friday, December 30.
Thus, the next payment will not be made until February 1, 2023, as there will be no need to send out funds in January.
The new cost of living adjustment that went into effect in December for the following year will be reflected in the first Social Security payments of 2023, so on-time delivery or early delivery, in the case of SSI will be welcome news for the many millions who get benefits. Individuals will receive an estimated $144 and joint filers an estimated $240 as a result of the 8.7 percent increase.
Read more: Application for SSI payments and food stamps may become easier!
