Austin, Texas – Social Security recipients in the United States are set to receive their monthly payments a day earlier this week, due to the Juneteenth national holiday falling on June 19. This change in schedule affects retired Americans, those with disabilities, and survivors of former claimants who rely on benefits from the Social Security Administration.
As of the end of 2023, over 67 million Americans were receiving Social Security benefits from the government agency. The payment schedule is adjusted when the usual payment date coincides with a weekend or national holiday, as seen this week with payments being issued on Tuesday instead of Wednesday.
Beneficiaries of Social Security claiming retirement benefits not living abroad, not receiving Supplemental Security Income (SSI), and whose birthdays fall between the 11th and 20th of the month will receive their payments earlier this week. The monthly amount received is calculated based on various factors, including the age at which individuals started claiming benefits and their earnings during their 35 highest-paid working years.
In June, the distribution schedule for Social Security payments for retirees shifted to the third week of the month, starting on June 10 instead of the second week. The maximum benefit amount available to those who qualify is currently $4,873, but this amount is subject to factors such as when individuals start claiming benefits and annual cost-of-living adjustments.
Analysts like Mary Johnson anticipate a 3% increase in retirement and disability benefits in 2025, highlighting the importance of staying informed about changes in Social Security payment schedules and regulations. The adjustments in payment dates are crucial for beneficiaries to plan their finances effectively and ensure timely access to their benefits from the Social Security Administration.