The Social Security Administration (SSA) has announced a significant change in its payment schedule for retirees in August.
Typically, the SSA disburses monthly benefits to millions of beneficiaries through the Old Age, Survivors, and Disability Insurance (OASDI) and Supplemental Security Income (SSI) programs. This change will affect how and when these payments are distributed next month.
Social Security Payment Changes for August
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The SSA oversees programs for retired individuals, surviving spouses, people with disabilities, and SSI beneficiaries in the US.
To manage these payments efficiently, the SSA has devised a Social Security Benefit Plan, which organizes payment dates based on the specific program and, in some cases, the beneficiary’s birthdate. Generally, SSI payments are sent out in five rounds starting on the first day of each month.
For beneficiaries who claimed OASDI benefits before May 1997, payments are usually made on the third day of each month. For those who filed after May 1997, payments are scheduled as follows:
- Birthdays between the 1st and the 10th: Payments on the second Wednesday of the month.
- Birthdays between the 11th and the 20th: Payments on the third Wednesday of the month.
- Birthdays between the 21st and the 31st: Payments on the fourth Wednesday of the month.
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If these dates fall on a weekend or holiday, payments are adjusted to the previous business day. Beneficiaries are advised to notify the SSA if payments are not received on the expected date.
Adjustments to the August Schedule
In August, there will be slight changes to the regular payment schedule due to some dates falling on weekends. Specifically:
- OASDI beneficiaries who claimed benefits before May 1997: Payments will be made on August 2, instead of August 3, because the latter falls on a Saturday.
- SSI recipients: An extra payment will be made on August 30, due to September 1 falling on a Saturday, leading to six payment rounds in August instead of the usual five. Consequently, there will be only four payment rounds in September.
August Payment Schedule
Below is the confirmed SSA payment schedule for August:
| Program | Payment Date | Conditions |
|---|---|---|
| Supplemental Security Income (SSI) | August 1 | SSI recipients always receive payment on the first day of the month |
| OASDI (before May 1997) | August 2 | Beneficiaries who claimed benefits before May 1997 |
| OASDI (birthdays 1st-10th) | August 14 | Beneficiaries born between the 1st and 10th of any month |
| OASDI (birthdays 11th-20th) | August 21 | Beneficiaries born between the 11th and 20th of any month |
| OASDI (birthdays 21st-31st) | August 28 | Beneficiaries born between the 21st and 31st of any month |
| Supplemental Security Income (SSI) Extra | August 30 | Additional payment due to September 1 being a Saturday |
Key Takeaways
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These adjustments are crucial for beneficiaries to ensure they receive their payments on time. It’s important to note that while these changes may seem minor, they can impact budgeting and financial planning for many individuals relying on these benefits. Beneficiaries should stay informed about any further updates from the SSA to avoid any disruptions in their benefits.
FAQs:
What should I do if I don’t receive my payment on the expected date?
Contact the SSA at least three business days before the expected payment date.
Why is there an extra SSI payment in August?
The extra payment is due to September 1 falling on a Saturday, which necessitates an additional payment at the end of August.
How often does the SSA adjust payment dates?
The SSA adjusts payment dates whenever the regular payment dates fall on weekends or holidays.
Are these changes permanent?
No, these changes are specific to the month of August and are due to the calendar dates falling on weekends.