Los Angeles, CA – Social Security recipients in the United States are set to receive one less payment in June, causing concern among beneficiaries regarding their financial planning. This adjustment is due to the specific schedule of Social Security payments, which occasionally results in variations in the number of payments issued within a month. For June, Supplemental Security Income (SSI) recipients will observe their payments arriving a day earlier on Friday, May 31, as June 1 falls on a Saturday this year.
Typically, Social Security checks are distributed on the third of each month, as well as on the second, third, and fourth Wednesday of every month. Conversely, the Social Security Administration’s (SSA) SSI payments are usually disbursed on the first day of the month, unless that day falls on a weekend. The SSA states that this adjustment aims to prevent beneficiaries from facing financial challenges and to ensure timely access to their payments without any delays.
Moreover, a similar situation is anticipated for the month of September when September 1 falls on a Sunday, resulting in payments being released on Friday, August 30. In contrast, November is expected to witness double payments, with December 1 being a Sunday. These adjustments in the payment schedule impact retired Americans, individuals with disabilities, and surviving family members who collectively receive roughly 72 million monthly payments, with an average check amount of $1,907 in January.
Despite the recent 3.2 percent increase in benefits provided through the cost-of-living adjustment (COLA), some recipients have expressed dissatisfaction with the raise amount. Financial experts have raised concerns that the current COLA may not adequately address rising healthcare costs, housing expenses, and transportation needs specific to seniors. Calls have been made for a more comprehensive adjustment taking into account the inflation seniors face in essential areas such as healthcare, housing, and transportation based on the consumer price index for the elderly (CPI-E).
On a positive note, the SSA has expanded the definition of a public assistance (PA) household, potentially enabling more Americans to qualify for higher payments. The revised guidelines now include households where one member receives SSI and another earns a different type of Public Income-Maintenance (PIM) benefit, broadening coverage and potentially increasing the amount of financial assistance provided to eligible individuals. Commissioner of Social Security Martin O’Malley has emphasized the importance of these changes in ensuring increased access to essential benefits like SSI for those in need.