Payment Schedule for Social Security in 2024 [Detailed Guide]

 It nearly goes without saying that you'll need to keep up with the yearly Social Security changes and adapt your budget accordingly when it comes to managing your life as a retiree. 

However, with so much new information to remember, it's easy to overlook little details, such as when benefit payments are distributed-especially when the answer isn't always clear-cut and varies from person to person. In light of this, we have created the following Social Security benefit payment schedule for 2023.

Payment Schedule for Social Security in 2023 [Detailed Guide]

Old-Age, Survivors, and Disability Insurance (OASDI), sometimes known as Social Security, pays qualifying employees and their dependents monthly monetary payments (if any). It is considered an entitlement program since employees, employers, and self-employed people pay Social Security taxes, which are subsequently deposited into two Social Security trust funds. Based on an individual's Social Security payments and employment history (or those of their spouse or parent(s), if applicable), eligibility and benefit levels are determined.

Social Security Administration (SSA) 3 Social Security Benefit

Survivor

Following a worker's or retiree's death, survivor's benefits are normally provided to widows, widowers, qualified divorced spouses, and the children of the deceased. The benefit amount is determined by the worker's pay and age at the time of death, as well as the survivor's age and relationship to the dead individual. A one-time payment of $255 is made to the spouse or children of a dead retiree as a supplemental death benefit, which is also offered.

Disability

If a person has worked a particular number of years and is disabled and unable to work, they may be eligible for Social Security Disability Insurance (SSDI) benefits. The quantity of work required changes with age, while the monthly payout is determined by the individual's pre-disability earnings. SSDI could be accessible to a retiree's spouse in addition to retirement benefits.

Retirement

For those who have worked for at least ten years and are at least 62 years old, this is the most well-known type of Social Security income. The amount of retirement benefits a person receives is determined by their pre-retirement pay and the age at which they begin receiving benefits. In addition, regardless of whether they have made contributions to the program, a retiree's spouse (whether they are still together or have divorced) may also be qualified for Social Security retirement benefits.

S.S.I. (Supplemental Security Income)

The SSA provides a fourth type of benefit that is not included in Social Security. Supplemental Security Income (SSI), a needs-based program supported by general tax funds, is intended to assist people with low incomes and resources who are unable to find adequate employment for themselves.

Individuals 65 and older, as well as adults and children with disabilities, are eligible for SSI benefits. The amount granted to retirees is determined by federal and state rules, which take into account where they live, who lives with them, and their other sources of income. There are no work credits necessary, and persons with sufficient job experience may be eligible for both SSI and Social Security payments.

Adjustments to Living Costs

The U.S. Department of Labor's Consumer Price Index measures the cost of living, and Social Security benefit rates climb in step with it (CPI-W). Increased inflation rates raise the cost of goods and services, which boosts this index. The SSA will give a cost-of-living adjustment to offset these expenditures and guarantee that the buying power of Social Security income is not undermined by inflation.

COLAs are based on increases in the CPI-W, according to a formula stated in the Social Security Act. A COLA is defined as the percentage rise in the CPI-W from the average for the third quarter of the current year to the average for the third quarter of the previous year in which a COLA was imposed. Increases must be rounded to the closest tenth of a percentage point. No COLA is provided for that year if there is no rise or if the final result rounds to zero.

Payment Schedule for Social Security in 2023 [Detailed Guide]

Schedule of Payments for 2023

One-half of older Americans live in homes where Social Security payments account for at least 50% of their income, and 25% of those people rely on their monthly checks for the majority (if not all) of their income.

As a result, retirees must be informed of when they will get their benefits. The remaining 99.2% of beneficiaries should also be aware of when their Social Security income is being directly deposited in order to avoid spending more than they have. This is especially important for the 0.8% of recipients who must watch out for a tangible check each month.

For recipients who began receiving benefits after May 1997, Social Security retirement, disability, and survivor payments are all issued on one of three Wednesdays each month. According to the following, a beneficiary's birthdate determines when they will get payments:

• You will get your Social Security benefits on the second Wednesday of each month if you were born between January 1st and October 10th.
• Your Social Security benefits will be sent to you on the third Wednesday of the month if your birthday is between November 11 and November 20.
• Your Social Security benefits will be paid to you on the fourth Wednesday of the month if your birthday is between January 21 and January 31.

The payment schedule for SSI benefits is different. SSI payouts are issued on the first of every month. If the first of the month falls on a weekend, the new payment date will be the previous month's final Friday. 

Beneficiaries will get their benefits at the beginning and end of March, June, and September in 2023, as opposed to January, April, July, and October when there won't be any SSI benefit payments.

January 2023 Payments

• Second Wednesday: January 11
• Third Wednesday: January 18
• Fourth Wednesday: January 25

February 2023 Payments

• Second Wednesday: February 8
• Third Wednesday: February 15
• Fourth Wednesday: February 22

March 2023 Payments

• Second Wednesday: March 8
• Third Wednesday: March 15
• Fourth Wednesday: March 22

April 2023 Payments

• Second Wednesday: April 12
• Third Wednesday: April 19
• Fourth Wednesday: April 26

May 2023 Payments

• Second Wednesday: May 10
• Third Wednesday: May 17
• Fourth Wednesday: May 24

June 2023 Payments

• Second Wednesday: June 14
• Third Wednesday: June 21
• Fourth Wednesday: June 28

July 2023 Payments

• Second Wednesday: July 12
• Third Wednesday: July 19
• Fourth Wednesday: July 26

August 2023 Payments

• Second Wednesday: August 9
• Third Wednesday: August 16
• Fourth Wednesday: August 23

September 2023 Payments

• Second Wednesday: September 13
• Third Wednesday: September 20
• Fourth Wednesday: September 27

October 2023 Payments

• Second Wednesday: October 11
• Third Wednesday: October 18
• Fourth Wednesday: October 25

November 2023 Payments

• Second Wednesday: November 8
• Third Wednesday: November 15
• Fourth Wednesday: November 22

December 2023 Payments

• Second Wednesday: December 13
• Third Wednesday: December 20
• Fourth Wednesday: December 27

Payment Schedule Exceptions

In a few circumstances, the default payment schedule is not followed, and Social Security payments are paid at a later date. Among the current exclusions are:

• The primary beneficiary's primary beneficiary will get paid on the same day as their children or spouses who receive benefits based on someone else's job history.
• Individuals who additionally get SSI due to disability, age, or blindness will receive benefits on the first of each month.
• Payment will be made to those whose due date occurs on a federal holiday or weekend on the previous business day.

The following people will also automatically get Social Security payments on the third of every month:

• Prior to May 1, 1997, you applied for benefits.
• Receive Supplemental Security Income benefits as well.
• The state where they live pays their Medicare premiums.
• Live in another nation.

Receiving Your Payments

Paper checks were phased away by the Social Security Administration about a decade ago. Social Security payouts are being distributed digitally. Individuals who get benefits have several digital possibilities.

For starters, Social Security income can be sent directly into your bank account. Individuals can join by visiting their local branch or calling their Social Security office. Individuals should be prepared to submit their Social Security number, the routing number of their financial institution, their account number, and the sort of account they have.

A Direct Express card can also be used to receive Social Security payments. A Direct Express card is a debit card that allows you to receive advantages without having a bank account. Individuals can use the card to make purchases when monthly rewards are transferred straight to the card. The Direct Express card can also be used to obtain cash from ATMs, banks, or credit unions.

What Happens If Your Payment Isn't There Yet?

Social Security payments might be late for a variety of reasons. Among them include, but are not restricted to:

• Initial Social Security Benefit Delays.
• Slowdowns in the SSA's processes.
• Personal information updates, such as your mailing address.
• Payment information changes, such as a new checking account.
• Weather that is inclement or harsh.

Contact the SSA right once if your Social Security payment is overdue. Contact your local SSA office if you are experiencing delays due to changes in your personal information.

The Social Security Administration frequently releases notices of delays that affect an area or a large number of people. For example, the Social Security Administration may provide information on delayed payments in regions hit by severe weather. Monitor SSA communication and media channels for delays that may affect other people.

For non-emergency delays, consider waiting a few business days. Benefits may already be en route and late owing to the post office, bank, or SSA, even if they have not yet been received when they should have arrived. When you think the time is right, get in touch with the SSA, but be aware that it could want you to hold off until you're certain that the money has genuinely vanished.

FAQs about SSI in 2023

How much money will Social Security payout in 2023?

Each month, Social Security benefits will be paid on the second, third, or fourth Wednesday. Which of these three is picked will be determined by the month of birth of the retiree.

What will the Social Security cost-of-living adjustment (COLA) be in 2023?

An 8.7 percent on average COLA would enhance Social Security payments for more than 65 million Americans beginning in January 2023.

The highest cost-of-living adjustment in 41 years has come from skyrocketing inflation combined with persistent economic challenges caused by the COVID-19 epidemic.

What will the cost of Social Security Disability Insurance (SSDI) be in 2023?

In 2023, SSDI benefit payments will rise by an average of $119 to $1,483 per month for all disabled employees. The average rise to $2,616 per month for individuals who have a spouse and one or more children is $209.

Supplemental Security Income (SSI) is distributed by the Social Security Administration (SSA) at what intervals?

The third day of the month will see a Social Security payment for those who were born before May 1997 or who receive both SSI and Social Security. If the third of the month falls on a Sunday, payments will be made on the first Friday of the following month. On the first day, SSI payments (if applicable) will be received.

Is Social Security paid a month in advance or a month in arrears?

Benefits from Social Security are paid in the month that comes after the month in which they are due. The payment for Social Security payments, for instance, is made in February after they are awarded.