MIAMI.- As August approaches, the Social Security Administration (SSA) is preparing to send a new round of payments to millions of beneficiaries of its various social programs.
Social Security is a federal program established in 1935, with the objective of providing financial support to retired individuals, those who have become disabled, and their dependents, so that they can cover their financial needs in the face of the high cost of living.
Each month, 7.4 million retired workers, as well as people with disabilities and survivors who receive Supplemental Security Income (SSI) or Social Security Disability Insurance (SSD) receive financial assistance with checks exceeding $3,000.
However, most retirees do not receive the same amount; it varies depending on each person’s situation and based on different factors such as retirement age, work history and contributions to the Social Security system.
Those who retire at age 62 can receive up to $2,710 per month, those who wait until age 65 are eligible for an amount of $3,426. However, people who postpone their retirement until age 66 can get up to $3,652 and those who wait until age 70 can receive a maximum payment of up to $4,873.
Estimated amounts range from $1,907 per month for a single retired worker to $3,303 for couples filing their tax return jointly.
For SSI recipients, average payments are $943 per month for individuals and $1,415 for couples.
When do August payments arrive?
The SSA distributes payments each Wednesday of the month, based on the recipients’ birth date. Those born between the 1st and 10th receive the money on the second Wednesday of the month, while those born between the 11th and 20th receive it on the third Wednesday of the month, and those born between the 21st and 31st receive it on the last Wednesday of the month.
SSI recipients and workers who retired before May 1997 receive payments on the first day of the month, regardless of their date of birth.
According to the payment schedule, the contribution for the month of August will be deposited on the following dates:
On August 1st, as is usually the case, the first payment will be sent to SSI recipients.
Due to an adjustment, retirees who began receiving payments before May 1997, who usually receive the money on August 3, will receive it on Friday, August 2, since the date falls on a weekend.
The third payment will be made on Wednesday, August 14, to beneficiaries born between the 1st and 10th.
On Wednesday, August 21, beneficiaries born between the 11th and the 20th will receive their money.
On Wednesday, August 28, it is the turn of beneficiaries born between the 21st and the 31st.
Double payment in August
In the seventh month of the year, some Social Security beneficiaries will receive two payments instead of one, due to adjustments in the SSA schedule. These include retired workers, survivors and those receiving SSDI and SSI disability payments.
Although SSI benefits are issued on the first day of each month, if the first day of the month falls on a weekend or holiday, the payment is moved up to the previous business day. Thus, since September 1 is a Sunday, the payment for September is moved up and will be issued on Friday, August 30. SSI recipients will not receive another payment until October 1.
@Lydr05
Source: With information from AS USA, El Cronista, Gestión and La Opinión