Some Social Security Recipients Miss September Payments
Many Social Security recipients will not receive payments this month, but the situation is not a missed payment. Due to a unique scheduling issue, some beneficiaries will forgo one check in September because they received two payments in August. Most recipients will continue to receive their payments as scheduled.
Understanding the Payment Schedule
Approximately 74 million Americans depend on Social Security benefits each month. The timing of these payments generally aligns with the recipient’s birthdate. For those born between the first and tenth of the month, payments are issued on the second Wednesday, which falls on September 13, 2023. Individuals born between the eleventh and twentieth receive payments on the third Wednesday, September 20, 2023, while those born after the twentieth will get their payments on September 27, 2023.
However, beneficiaries who receive Supplemental Security Income (SSI) will not receive their usual check this month. The first of September, their typical payment date, coincided with the federal holiday, Labor Day. As a result, the September checks were distributed early, on August 29, 2023. SSI recipients will receive their next payment on the regular schedule on October 1, 2023.
Insights from Financial Experts
Financial literacy instructor Alex Beene from the University of Tennessee at Martin explained that the lack of a separate payment for some SSI recipients stems from a difference in the calendar rather than a reduction in benefits. “When the first of the month falls on a federal holiday like Labor Day, payments are typically made earlier,” Beene noted. “This means that recipients should have seen their payments posted on August 29, but they won’t see a payment for September.”
Drew Powers, founder of Powers Financial Group in Illinois, reinforced this perspective, stating, “Regular Social Security checks are tied to your birthday, while Supplemental Security Income is sent on the first of the month. With Labor Day being September 1 this year, all September checks and deposits were made in late August. It is important for recipients and their caretakers to recognize that this payment was made early.”
Future Payment Expectations
Looking ahead, SSI beneficiaries can expect payments to revert to the normal schedule. Kevin Thompson, CEO of 9i Capital Group, confirmed, “The next SSI payment will be on October 1.” He added that if a scheduled payment date falls on a weekend or holiday, beneficiaries can anticipate their payment being issued on the nearest business day, similar to the adjustments made for the August payments.
This clarification is crucial for the millions of Americans relying on Social Security and SSI, ensuring they understand the implications of holiday scheduling on their benefits. As the next payment date approaches, recipients should remain aware of these adjustments to avoid confusion in their financial planning.
