In the month of June, the Social Security Administration (SSA) is diligently working to disburse benefits to various groups of individuals, including retired workers, Supplemental Security Income (SSI) recipients, as well as those receiving disability and survivor payments.
This concerted effort by the SSA is aimed at ensuring that individuals across these different categories receive the financial support they depend on to meet their essential needs and maintain a certain standard of living.
Social Security Benefits Based on Retirement Age
The average retirement payment in 2023 will be little over $1,800 thanks to the 8.7% COLA boost, the SSA reported in January.
The maximum monthly payout is $2,572 for those who retire at age 62, $3,627 for those who do so at full retirement age (67), and $4,555 for those who do so at age 70 or later.
Contrarily, Supplemental Security Income (SSI) claimants often receive payments of roughly $600.
The maximum monthly SSI payout for a person is $914, and the maximum monthly benefit for a married couple who both qualify for the program is $1,371.
Payments for Supplemental Security Income (SSI) are often sent on the first of every month, depending on the schedule.
On the other hand, the SSA delivers the money to people who started receiving Social Security benefits prior to May 1997 on the third of every month.
Read more: Cooling Inflation Impact: Social Security’s Cost-Of-Living Adjustment Likely To Fall Below 3%
SSI Recipients to Receive Two Payments in June
The Supplemental Security Income (SSI) beneficiaries received their payments on June 1, and the recipients who started receiving their payments before May 1997 received their checks on June 2.
SSI beneficiaries received their first payment from the SSA on June 1, but a second check will be delivered on June 30.
Due to the fact that July’s first day falls on a Saturday, the payment is therefore sent the Friday prior.
As a result, SSI claimants will receive two payments in June but none in July.
Read more: Will Your Social Security Benefits Increase With 2024 Changes?