Why are there no Social Security payments this week?
If you are waiting to receive a Social Security check this week, don’t be alarmed if you don’t get one. Here’s why no benefits will be released this week.
Many people rely on their monthly Social Security checks to cover daily expenses. According to the Social Security Administration, an average of almost 70 million Americans will receive a monthly payment this year, amounting to some $1.5 trillion in benefits paid in 2024.
These retirement checks are a major source of income for most people over the age of 65, which is why people could get anxious if there’s a delay in receiving their payment.
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Why are there no Social Security payments this week?
The Social Security Administration schedules monthly payments based on a recipient’s date of birth and certain other factors.
According to the agency’s regular payment schedule, deposits are usually made on the second Wednesday of each month for those born from the first to the 10th of the month, on the third Wednesday for those born from the 11th to the 20th, and on the fourth Wednesday of the month for those with birthdays from the 21st to the 31st.
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However, according to the administration’s schedule, payments are sent in the second week of the month if it starts on a Monday, Tuesday, or Wednesday, while checks will be distributed in the third week if the month starts on a Thursday, Friday, Saturday, or Sunday.
This is the case for August, which began on a Thursday. The first payments scheduled according to birth date will therefore be sent next week beginning on Wednesday, Aug. 14, for those who celebrate their birthdays between the 1st and the 10th, leaving this week without checks being sent out.
Beneficiaries who received their payments in the first week of August
There’s a separate payment for those receiving Supplemental Security Income, which is distributed on the first day of each month.
The exception comes when the first falls on a weekend or federal holiday, in which case the payment is made on the last business day of the previous month.
The other date worth noting is the schedule for retirees who began receiving benefits before May 1997 or are getting both Social Security and Supplemental Security Income. They are given their Social Security benefits on the third of each month.