Monthly, the Social Security Administration (SSA) disburses funds to retired individuals and eligible recipients of Supplemental Security Income (SSI).
While the SSA has already completed mailing the initial four payments for June, the distribution process is ongoing, and some beneficiaries may receive up to $1,800 this month.
Cost-of-Living Adjustment Raises Social Security Payments
May 2023 witnessed an 8.7 percent cost-of-living adjustment, leading to a rise in the average Social Security retiree payments to $1,836.06.
For those who had higher earnings during their careers, the total amount disbursed may approach the maximum benefit levels: $2,572 per month for individuals retiring at the age of sixty-two, $3,627 for those retiring at the full retirement age of sixty-seven, and $4,555 for individuals retiring at seventy years or older.
Conversely, the average monthly payment for Supplemental Security Income (SSI) stands at approximately $675.10. The maximum monthly SSI benefit is up to $914 for individuals and $1,371 for married couples, provided both spouses are eligible.
Monthly Schedule for SSI Benefit Payments
The SSA follows a schedule for the monthly issuance of payments. Normally, SSI benefits are sent on the first day of each month.
However, in cases where the first day falls on a weekend (Saturday or Sunday), the payment is scheduled for the preceding Friday. In July, the SSI checks will be deposited on Friday, June 30, and no payments will be made in July.
Social Security payments for those who began receiving benefits before 1997 are sent on the 3rd of each month. Likewise, if the third day falls on a weekend, beneficiaries can expect their payment to be deposited on the preceding Friday.
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Who will be eligible for a payment on June 28th?
For retirees who retired after 1997, payment distribution is determined by their date of birth:
- Retirees with a date of birth between the 1st and 10th will receive payments on the second Wednesday of the month.
- Beneficiaries born between the 11th and 20th day will receive payments on the third Wednesday.
- Retirees born between the 21st and 31st will receive payments on the fourth Wednesday.
As June 28th falls on the fourth Wednesday of the month, individuals with a birthday between the 21st and 31st will receive their payments on that day.
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