Social Security payments in 2024 have been a hot topic since the start of the year. With a Cost-of-Living Adjustment (COLA) of 3.2%, many were hopeful about economic improvements. However, compared to the 8.7% adjustment in 2023, some were dissatisfied, especially when inflation outpaced the COLA in March.
In 2023, the COLA was high due to the economic turmoil caused by the pandemic. The transition to “normal” caused significant upheaval, which the adjustment reflected. Expectations for 2024 were for a better, more stable economy, but the average $59 increase in monthly Social Security checks soon proved insufficient against rising inflation.
Fortunately, one constant for pensioners is the timely payments from the Social Security Administration (SSA). Whether it’s Social Security benefits or Supplemental Security Income (SSI), payments are reliably disbursed. However, the Social Security payment schedule isn’t as straightforward as many believe. Payments are categorized throughout the month to streamline the administration’s process.
Table of Contents
- 1 Social Security Payment
- 2 Adjustments
- 3 Upcoming Payment Dates
Social Security Payment
As a rule, Social Security payments follow this schedule:
1st of the Month: Payments are made to those who have been receiving Social Security since before May 1997, those living abroad, and SSI recipients.
3rd of the Month: For those entitled to both Social Security and SSI, Social Security benefits are moved to the 3rd to avoid overlap.
For others, payments are based on birth dates:
- Second Wednesday: Birth dates from the 1st to the 10th
- Third Wednesday: Birth dates from the 11th to the 20th
- Fourth Wednesday: Birth dates from the 21st to the 31st
Adjustments
When the 1st or 3rd falls on a weekend or holiday, payments are moved to the prior business day. For example, in June:
- May 31st: Social Security and SSI payments
- June 3rd: Social Security for those also receiving SSI
- June 12th: Second Wednesday as usual
- June 18th: Third Wednesday moved to Tuesday due to Juneteenth on the 19th
- June 26th: Fourth Wednesday as usual
Upcoming Payment Dates
June 2024
- May 31st: Social Security and SSI payments (for June)
- June 3rd: Social Security for those also receiving SSI
- June 12th: Second Wednesday
- June 18th: Third Wednesday (moved due to Juneteenth)
- June 26th: Fourth Wednesday
July 2024
- July 1st: First payment day
- July 3rd: Third day payment for those with both SSI and Social Security
- July 10th: Second Wednesday
- July 17th: Third Wednesday
- July 24th: Fourth Wednesday
August 2024
- August 2nd: Payments for the 3rd moved to the 2nd (Saturday adjustment)
- August 31st: Payments for September 1st moved to August 31st (Sunday adjustment)
September 2024
- Payments for September are moved to August as noted above.
November 2024
- November 1st: All payments from the 1st and 3rd (Sunday adjustment)
- November 29th: Payments for December 1st moved to November 29th (Sunday adjustment)
December 2024
- December 24th: Fourth Wednesday payments moved due to Christmas on the 25th.
The SSA ensures that Social Security and SSI payments are made on time, despite holidays and weekends. Keeping track of these adjusted dates can help recipients plan better. For more details, always refer to the official SSA payment schedule.
FAQs
Why are Social Security payments sometimes moved?
Payments are moved when the scheduled date falls on a weekend or public holiday to ensure timely receipt.
How does the birth date affect Social Security payment dates?
Payments are staggered throughout the month based on birth dates to manage distribution efficiently.
What is the COLA for 2024?
The Cost-of-Living Adjustment for 2024 is 3.2%.
What happens if I don’t receive my payment on the expected date?
Wait three additional mailing days before contacting the SSA if your payment is delayed.
Can the payment schedule change mid-year?
While uncommon, any changes would be announced by the SSA in advance.