FINANCE
Social Security payments: who gets paid on November 3 and who gets paid on November 8? What is the difference.
Different recipients of benefits distributed by the Social Security Adminstration receive their payments on different days.
It is still early November, meaning there are millions of beneficiaries of programs overseen by the Social Security Adminstration that have yet to receive their payments.
The first groups to receive their benefits receive Supplemental Security Income distributed on the first of each month.
On 3 November, Social Security beneficiaries who started receiving benefits before May 1997 were sent their benefits. Payments to this group are made on the third of each month, except in cases where the date falls on a weekend or holiday, in which case they are paid on the previous working day.
Who will receive their benefits on 8 November?
For the remaining Social Security recipients, the date they receive their benefits depends on their date of birth. Those born between the 1st and the 10th receive their checks on the second Wednesday of the month, which in November falls on the 8th.
Those who are born between the 11th and the 20th will receive their checks on 15 November (i.e., the third Wednesday). Lastly, those born between the 21st and the 31st will receive their payments on the fourth Wednesday, 22 November.
What is the difference between Supplemental Security Income and Social Security?
SSI provides income to low-income people who are blind, deaf, and/or elderly. Unlike Social Security, children who are blind or deaf are eligible to receive SSI benefits.
To receive Social Security benefits, a person has to have “worked long enough and paid Social Security taxes” in order to be “insured” so that the benefits be paid to you or “certain members of your family.”
SSI, on the other hand, is not “based on your prior work or a family member’s prior work.”
To boost the federal benefit, many states send a supplemental payment to those eligible. Additionally, many beneficiaries are also able to receive Medicaid to help “pay for hospital stays, doctor bills, prescription drugs, and other health costs.”
Social security is primarily paid to retirees who have paid taxes to the SSA for at least forty-quarters. Based on the number of years worked and the incomes earned over those years, the SSA will distribute a monthly benefit.