People worried as they realize there’s no social security checks in December
Social Security recipients are concerned after learning they won’t receive a monthly check in December.
However, this is simply due to a calendar error, with some receiving two checks in November instead.
The change affects those who receive Social Security and Supplemental Security Income (SSI), which for couples can provide up to $4,873 and $1,415, respectively.
Social Security is a retirement benefit based on work history. On the other hand, SSI is need-based and intended to help seniors who do not qualify for regular Social Security benefits, as well as people of any age who are blind or have disabilities.
SSI payments are made on the first business day of the month.
But because December 1 falls on a Sunday this year, the monthly payments will actually be paid on Friday, November 29.
SSI is a benefit for anyone who is over 65 years old, blind or disabled, and has a limited income
Retirement checks are also subject to the same calendar quirks and can occasionally arrive a few days early.
Payments are spread over the month due to the large number of payments that need to be processed.
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.
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, the 23rd of next week.
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.
Social Security recipients became concerned after reviewing the check schedule
Beneficiaries who live in Colorado, Connecticut, Minnesota, Montana, New Mexico, Rhode Island, Utah, Vermont, or West Virginia may have to pay more.
The exact impact depends on the state you live in and your total 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 from 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.