Millions of people across the United States get Social Security payments every month, and another round of funds will be sent out in September. If someone gets a certain type of assistance or has a different date of birth, the exact date of payments will change. The Social Security Administration (SSA) is in charge of a lot of different benefit programs. Some of the most well-known are retirement and disability benefits, which are paid out at different times.
When people who get Social Security retirement benefits get paid depends a lot on their date of birth. It gets a little more complicated for people who started getting benefits before May 1997, because they get paid on a slightly different plan. Supplemental Security Income (SSI) helps old, blind, and disabled people who don’t have a lot of money or resources by giving them money. Payments are usually made at the start of each month.
Social Security Retirement Benefits Payment Schedule
Recipients of Social Security retirement benefits have their payments scheduled throughout the month, according to their birth date. For September, the payment dates are as follows:
- – September 11: Those born between the 1st and 10th of any month will receive their retirement benefit payment on this date.
- – September 18: Recipients with birthdays between the 11th and 20th of any month will have their retirement benefit payment deposited on September 18.
- – September 25: Individuals born between the 21st and 31st of any month can expect to receive their retirement benefit payments on September 25.
Disability Benefits Payment Schedule
When someone gets SSI disability benefits, they usually get paid on the first of the month, unless that date is a holiday or weekend. In September, though, this won’t be the case. SSI payouts that would normally be made on September 1 will instead be made on August 31 because September 1 is a Sunday.
- August 31: SSI payments, which would usually be due on September 1, will be deposited on August 30 due to the timing of the first of the month falling on a weekend.
- – September 3; If a beneficiary is receiving both retirement and SSI benefits, their retirement payment will be made on September 3 so as to not overlap payments.
If you don’t get your payment when it’s supposed to, the SSA says you should wait three business days before calling them. This gap gives you time in case there are any delays in banking or processing.
Future Expectations: Cost of Living Adjustment (COLA)
The Cost of Living Adjustment (COLA) means that seniors may be able to expect their Social Security payouts to go up in the future. An independent Social Security and Medicare policy expert named Mary Johnson recently said that she thinks seniors’ monthly payments could go up by 2.6%.
The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the months of July, August, and September was used to make this change. In October, the official word on the price increase will be given.
The COLA is an important part of Social Security that makes sure payments keep up with the cost of living. The SSA wants to make sure that the buying power of Social Security payments stays stable over time, taking into account changes in the cost of living for people who work in cities. They do this by linking these changes to the CPI-W.