By Daily Mail (U.S.) | Created at 2025-01-31 19:16:32 | Updated at 2025-01-31 23:03:17
4 hours ago
Social Security payments worth up to $1,415 will be sent to millions of Americans today.
Supplemental Security Income (SSI) is a monthly government benefit which can be as high as $943 for an individual and $1,415 for a couple.
The monthly benefit - which provides financial support to low-income individuals who are elderly, blind, or disabled - typically arrives on the first of each month.
However, because February 1 falls on a Saturday this year, payments are being sent out today instead.
The SSI payments are for poorer people, and are - in the case of seniors - in addition to the normal retirement income.
Around 68 million Americans receive some form of Social Security benefit every month - but the payments are staggered due to the large number that need processing.
Retirement checks are staggered to three different days every month.
If you're born within the 1st and 10th of any month you should receive your monthly check on the second Wednesday of the month, in February that will fall on the 12th.
A key Social Security payment worth up to $1,415 arrived a day early this month
Those born in the next category, between 11th and 20th, received their check on the third Wednesday of the month, February 19.
Those born between the 21st and 31st of any given month will receive their check on the fourth Wednesday, falling on February 26.
The exception to this schedule is for those that have been claiming Social Security since 1997, or claim both retirement benefits and Supplemental Security Income (SSI).
This group will receive their payments in the first week of the month, February 3rd.
The SSA recommends waiting three working days following a due date before contacting them about a late payment.
Total payouts, including for retirement, disability and survivor benefits, now cost the government around $1.5 trillion a year.
Social Security is expected to run short on funds by 2035.
The program relies on its trust funds to provide monthly benefit checks to around 70 million Americans.
But an ageing population is pushing up the cost of the program as a smaller share of people are paying into it, and spending is outpacing income.
Without action Social Security is expected to run short on funds by 2035
A 1983 law incrementally increases the age Americans can receive their retirement benefits
The latest annual report from the Social Security Board of Trustees found that the program will only be able to pay out full benefits for the next 11 years - which is one year later than previous estimates.
Many Americans believe that retirement age is 65-years-old, however this has been steadily rising thanks to legislation passed in the 1980's.
In 1983 Congress passed a law that incrementally increases the age Americans can receive their Social Security benefits aimed at keeping up with rising life expectancy.
The law first raised the retirement age for those born in 1938 or later, then raising it by two months for those born every year afterwards.
Therefore, those receiving full retirement benefit in 2023, for example, were born in 1957 and collected their benefits aged 66 years and 6 months.
Last year the age rose by two months meaning those born in 1958 became eligible for full benefits at age 66 and 8 months.
This year the retirement age rises once again by two months.
This means those born in 1959 must be 66 years and 10 months old to get their full benefits.
For those born in 1960 and later, the retirement age will jump to 67.
