A major Social Security benefit worth up to $1,415 will be sent to millions of Americans today.
Supplemental Security Income (SSI) is a monthly government benefit that can amount to $943 for an individual and $1,415 for a married couple.
Those eligible for the checks will receive the benefit on the first of the month, which falls today, Tuesday, October 1.
Anyone over the age of 65, who is blind or disabled, and has a limited income is eligible for SSI, according to the Social Security Administration.
About 68 million Americans receive some form of Social Security benefits each month, but payments are staggered due to the large number that need to be processed.
Supplemental Security Income (SSI) is paid on the first of each month
Pension checks are spread over three different days each month.
If you were born between the 1st and 10th of a month, you will receive your monthly check on the second Wednesday of the month, so in October it falls on the 9th.
Those born in the next category, between 11 and 20, received their check on the third Wednesday of the month, October 16.
Those born between the 21st and 31st of a given month will receive their check on the fourth Wednesday, which falls on October 23rd.
The exception to this schedule applies to those who have been claiming Social Security since 1997, or claiming both retirement benefits and Supplemental Security Income (SSI).
This group received their payments the first week of the month, Thursday, October 3.
The SSA recommends waiting three business days after a due date before contacting them about a late payment.
The highest pension benefits are as much as $4,873, although this figure is likely to be lower for the majority of recipients.
In fact, the average monthly retirement check is $1,907, a figure that takes into account the 35 highest-earning years in a recipient’s career and is adjusted for inflation.
‘The maximum benefit depends on the age at which you retire. For example, if you retire at full retirement age in 2024, your maximum benefit will be $3,822,” the SSA said on its website.
However, if you retire in 2024 at age 62, your maximum benefit will be $2,710.
“If you retire at age 70 in 2024, your maximum benefit will be $4,873,” the site explains.
Total payouts, including pension, disability and survivor benefits, now cost the government about $1.5 trillion a year.
Meanwhile, Americans living in nine states will receive less Social Security benefits starting this month due to a hike in taxes.
Beneficiaries who live in Colorado, Connecticut, Minnesota, Montana, New Mexico, Rhode Island, Utah, Vermont, or West Virginia may have to pay more.
Total Social Security benefits now cost the government about $1.5 trillion a year
The exact impact depends on the state you live in and your overall income.
Earlier this year it also emerged that social security is expected to fall short in 2035.
The program relies on its trust funds to provide monthly benefit checks to about 70 million Americans.
But an aging population is driving up the program’s costs, as a smaller share of people pay into it, and expenses exceed revenues.
The last year report of the Social Security Board of Trustees found that the program will only be able to pay out full benefits for the next eleven years — which is a year later than previous estimates.