Millions of Americans are set to receive their Social Security payments this week.
The Social Security Administration (SSA) shares important dates online that beneficiaries should jot down. Some individuals might see payments as high as $5,108.
To manage the distribution of funds, beneficiaries are divided into three groups, each getting paid on different dates this month. The first group already received their payment last week. The second group will get theirs on Wednesday, followed by the third group on July 23rd.
Why is this important?
The SSA provides funds to over 70 million Americans monthly.
This includes retirement benefits and support for people with disabilities and survivors. Generally, most recipients get a lump sum once a month. However, due to the high number of beneficiaries, payments aren’t all sent out in one day.
What you should know
Individuals with birthdays from the 1st to the 10th of any month received their benefits last week, specifically on July 9th.
Those born between the 11th and 20th can expect their payments this Wednesday, July 16th.
The last group, with birthdays from the 21st to the 31st, will be paid next week on July 23rd.
Public opinion
Recently, concerns have arisen regarding potential impacts on the SSA due to former President Donald Trump’s budget cuts across the federal government. Joe Biden, the former president, has accused Trump of trying to undermine the Social Security system—a claim that both the White House and SSA have denied.
Alex Bine, a financial literacy instructor at the University of Tennessee Martin, expressed earlier: “From a customer service perspective, layoffs mean that remaining staff must handle increased workloads, so it appears the SSA is under some pressure. While there hasn’t been a negative impact on benefit distribution yet, other management areas are lagging and could affect future customer service.”
What to expect next
Social Security beneficiaries should receive their payments according to the dates mentioned. If someone doesn’t receive their payment on the scheduled date, they need to wait three business days before reaching out to the SSA. Keep in mind that weekends and public holidays do not count as business days.
