Most beneficiaries receive their retirement payments based on their birthdays.
Credit: Asia-Pacific Images Studio/Getty Images
KEY TAKEAWAYS
Social Security payments are typically distributed on Wednesdays every month, based on the beneficiary’s birth date.
Payments have already been distributed for Supplemental Security Income beneficiaries and those who began receiving benefits before May 1997.
The Social Security Administration distributes retirement benefits to more than 75 million people every month.
Supplemental Security Income, a needs-based program for Americans with disabilities or those 65 and older with limited resources, generally pays at the beginning of every month.
Beneficiaries who receive SSI benefits alongside their retirement benefits, or who began receiving benefits before May 1997, generally receive their retirement benefits on the third of every month. However, if the third lands on a weekend or national holiday, benefits will be distributed sooner.
Why This Matters
Most retirees rely on a fixed income from Social Security or retirement savings. It is important for them to know when they will receive their benefits so they can budget and plan accordingly.
July payments will be issued, or have been issued, as follows:
July 1: SSI payments for July were issued.
July 2: Retirement benefits were paid to those who have been collecting since before May 1997, or to those who collect both SSI and retirement benefits.
July 8: Retirement benefits will be paid to those born between the first and the 10th of any month.
July 15: Retirement benefits will be paid to those with birthdays between the 11th and the 20th of any month.
July 22: Retirement benefits will be paid to those with birthdays between the 21st and the 31st of any month.
Read the original article on Investopedia
