If you receive Social Security benefits and rely on those benefit payments for things like your housing, utilities, and other necessities it’s important to understand what changes are coming to Social Security in 2024 and when you will get Social Security benefit payments in 2024. To help make it easier to understand the 2024 Social Security COLA and other changes, and to let you know when you can expect to receive your benefit payment, we’ve put together this guide. Here’s everything you need to know about the Social Security benefit payment schedule for 2024.
Key Takeaways:
- There are 50 million households that depend on Social Security benefits for half or more of their total income. And 25% of those 50 million households have no income other than their Social Security benefits. It’s important for everyone who receives Social Security benefits—especially those who depend on them for income—to understand when their monthly benefit checks will arrive.
- The day that your Social Security benefits are disbursed depends on the date of your birth unless you are receiving SSI. SSI is paid on the first of the month. Social Security benefits are paid on the 2nd, 3rd, and 4th Wednesdays of the month.
- The Social Security Cost-Of-Living-Adjustment for 2024 is 3.2%, which means that most people will receive an extra $55 or so in their payment depending on factors like their birthday and their previous salary when they were working.
Understanding Social Security Payments
The Social Security Administration was created to provide funds to people after they retire and to make sure that people who are too sick to work, and their dependents, have money to help them pay for living expenses.
Employers, employees, and self-employed workers pay into the Social Security program, and they receive benefit payments in return. Children who are sick or disabled also can receive benefit payments to help their parents pay for their medical and living expenses. The Social Security Administration (SSA) pays three main types of Social Security benefits:
1. Retirement Benefits
Everyone who has paid into Social Security while they were working can get Social Security retirement benefits. You can start claiming Social Security retirement benefits at the age of 62 if you have worked for at least ten years. However, you will get a higher benefit amount if you wait until the full retirement age. The full retirement age depends on when you were born. A retiree’s spouse can also receive benefits based on their spouse’s Social Security benefit. Former spouses who were married to the retiree for at least ten years may claim benefits based on the former spouse’s benefit amount too.
2. Disability Benefits
People who develop a medical condition or have an injury that makes it impossible for them to work can receive Social Security Disability Insurance (SSDI). SSDI benefits are also commonly referred to as “disability benefits.” So long as you have worked in the past and have earned work credits you are eligible for disability benefits if you become sick or injured. Disability benefits can also be paid to a spouse of someone who is too sick or injured to work.
3. Survivor Benefits
Widowers and widows, whether former or current spouses of someone who has passed away, are eligible for survivor’s benefits from the SSA. Children may also qualify for survivor’s benefits from the Social Security Administration. The amount of the benefit is based on the deceased’s age and salary at death. Children may also be eligible for a one-time lump sum payment of $255.
Supplemental Security Income
Supplemental Security Income (SSI) isn’t financed by the money that workers pay into the SSA, but it is available through the SSA. SSI is the second of the two disability benefit programs offered by the SSA—with the first being SSDI. Supplemental Security Income is a benefit paid to children who are sick or disabled or to adults who have never worked because they are sick or disabled. It was created to help people who can’t work because of a permanent disability or illness pay for their living expenses.
Cost-of-Living Adjustments
Every year the Social Security Administration announces an annual cost-of-living adjustment to the benefit structure. Everyone who receives money from the Social Security Administration will see their payment increase by the amount of the COLA. The COLA helps to offset increasing prices due to higher costs for food, utilities, rent, and other expenses.
The Social Security Administration’s Cost-of-Living Adjustment 2024 is 3.2%. So, benefits will increase by 3.2% across the board starting in January 2024.
Social Security Benefit Payment Schedule for 2024
As many as half of senior Americans depend on Social Security benefits for 50% of their income. And, for 25% of the seniors who receive Social Security benefits, those benefits are their entire income. Because of that, it’s critically important for people who get Social Security benefits to know when their benefit checks will arrive each month. Knowing the Social Security benefit schedule 2024 will make it easier for people to budget and pay their bills on time.
If you are receiving Social Security retirement, survivor’s, or disability benefits, your benefit check will arrive on either the 2nd, 3rd, or 4th Wednesday of the month based on your date of birth.
- If you were born between the 1st and the 10th of your birth month, your Social Security benefit payment check(s) will arrive on the second Wednesday of each month.
- If you were born between the 11th and the 20th of your birth month, your Social Security benefit payment check(s)will arrive on the third Wednesday of each month.
- If you were born between the 21st and the 31st of your birth month, your Social Security benefit payment check(s) will arrive on the fourth Wednesday of each month.
SSI is not paid according to this schedule. All SSI payments arrive on the first of every month. However, if the first of the month happens to fall on a weekend or a federal holiday, your SSI payment will arrive on the last day of the previous month. For example, if the first of the month falls on a Sunday, your SSI payment will arrive on the Friday leading up to that Sunday.
Exceptions to the Social Security Benefit Payment Schedule for 2024
There are a few exceptions to this payment schedule based on specific circumstances. Exceptions to the SSA payment schedule for 2024 are:
- People whose regular payment date falls on a weekend or federal holiday for the upcoming month will receive their benefit check on the weekday immediately before their normal payment date.
- Payments sent to spouses or children who receive benefits based on the work record or someone else’s will be paid on the same day as their spouse or parent.
- Benefits to individuals who are also receiving SSI as a result of age, blindness, or disability will be paid out to beneficiaries by the SSA on the 1st of each new month.
And, Social Security payments will automatically be sent out by the SSA on the 3rd day of each new month to people who:
- Filed for benefits prior to May 1, 1997
- Live in a foreign country
- Have their Medicare premiums paid for by the state in which they live
- Also are receiving Supplemental Security Income payments
Getting Your Payments
The SSA no longer uses paper checks for benefits. Everyone who received a payment from the Social Security Administration must choose one of two electronic disbursement methods—Direct Deposit or the Direct Express debit card. In order to get your Social Security benefit, you can:
- Have the money deposited directly into a savings or checking account at a bank (Direct Deposit option). This is a great option if you have a bank account, just be aware that the bank may hold those funds for a set amount of time based on their policies. Some banks don’t hold deposited funds, but some hold them for 1-3 days.
- Have the money deposited onto a Direct Express card (Direct Express debit card option). Direct Express cards are issued by the SSA and can be utilized like a credit card or a debit card. Some nice things about the Direct Express card are that (1) you don’t need to have a bank account to sign up for it, and (2) there’s no credit check required to get one. You can sign up for a Direct Express card through your account on the SSA’s website. The benefit money will be deposited directly onto the card, and you can use that card to withdraw cash or pay for things the same way that you would with a credit or debit card.
What Do I Do If My Payment Has Not Arrived Yet?
Social Security benefit payments are rarely late, but it does sometimes happen that payments aren’t deposited when they should be. Some of the reasons that can cause a Social Security payment to be late are:
- Processing delays or slowdowns
- Updates to your personal information like your address, bank account, or phone number
- Bad weather or holiday slowdowns
If your Social Security benefit payment is missing or late, you should immediately contact the SSA. If you have recently updated your personal information or need to update your personal information, call your local SSA office.
What Social Security Beneficiaries Can Expect in 2024
The amount of money that people receive from the Social Security Administration will increase by 3.2% starting January 1, 2024, because of the SSA’s COLA for 2024. The actual dollar amount of the increase will be different for each person because it will be based on the amount of benefit money they’re already receiving. Nonetheless, most people will see around $55 more in their Social Security benefit payments each month starting January 2024.
What Is the Social Security Payout Schedule for 2024?
The Social Security payout schedule 2024 will be either the 2nd, 3rd, or 4th Wednesday of each month for anyone receiving retirement, disability, or survivor’s benefits. The Wednesday that you will get your check will depend on the day of the month that you were born. Anyone receiving SSI benefits will get their 2024 SSI payments on the 1st of each new month, or on the last day of the previous month if the first of the new month falls on a weekend or holiday.
What Is The 2024 Cost-of-Living Adjustment (COLA) for Social Security?
The Social Security cost-of-Living adjustment for 2024 is 3.2%. For most people who are receiving benefits, the COLA payment will increase their benefits by around $55 starting in January 2024.
How Much Will Social Security Disability Insurance (SSDI) Benefit Checks Be in 2024?
Social Security Disability Insurance payments will increase by 3.2% in 2024.
The maximum SSDI payment will increase to $3,822 per month in 2024 (up from $3,627 per month in 2023). The maximum SSI payment will increase to $1,415 per month for eligible couples (up from $1,371 per month in 2023), and $943 per month for individuals (up from $914 per month in 2023) in 2024.
The average SSDI payment will increase to $1,530 for an individual. The average payment for retirees receiving retirement benefits will increase to $1,885. And the average payment for a senior couple receiving benefits will increase to $3,067.
When Does the SSA Send Out Supplemental Security Income (SSI) Benefit Checks?
SSI payments are disbursed on the 1st of the month, except when the first of the month falls on a weekend or a holiday. Then the payments are distributed on the last Friday of the month. Anyone who was born before May 1997—or anyone who receives both SSI and Social Security—will get their payment on the third day of each new month, unless the third day of the new month is a weekend or a holiday. Then they will receive their payment on the first of the new month.
Does Social Security Pay a Month Behind or a Month Ahead?
Social Security payments are in arrears, which means that they are paid in the month that succeeds (i.e., the month after) the month for which they are due (i.e., owed). For example, January benefits are paid in February. February benefits are paid in March, and so on.
The Bottom Line
Social Security payments in 2024 may seem confusing, but as long as you know the basic schedule you should know when you will receive your Social Security benefit payment each month. If you have questions about your benefit amount, payment date, or how to update your account call your local Social Security office for help.
To find out exactly how much money you'll get each month in Social Security benefits in 2024, use our Disability Calculator.
Social Security Benefit Payment Schedule 2024: Broken Down By Month
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