Social Security SSI benefits will be paid early due to the weekend calendar issue
The Big Money Show panel discusses new analysis that shows Social Security and Medicare are headed for bankruptcy and warns that retirees face cutbacks unless Washington acts quickly.
Others social Security beneficiaries will receive their monthly benefits earlier than usual in February and March due to an error in the calendar.
The Social Security Administration (SSA) usually pays the premiums Supplemental Security Income (SSI) on the first day of a certain month. The SSI program provides monthly payments to eligible seniors with little or no income, as well as to people with disabilities, that are different from regular Social Security retirement benefits.
If the first day of the month falls on a weekend or public holiday, SSI payments for that month are made on the last business day of the previous month to ensure that beneficiaries receive their funds before the start of the new month, and cover potential costs.
That situation played out in early January, with benefits paid in Dec. 31 instead of Jan. 1 because New Year’s Day is a state holiday, and it will happen again in the next two months when SSI benefits are released.
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SSI benefits will be paid before the regular days of Feb. 1 and March 1 due to those days falling on a Sunday this year. (Mark Felix / The Washington Post)
February SSI benefits will be paid to recipients on Friday, Jan. 30, because Feb. 1 falls on a Sunday this year.
Those payments aren’t expected to have an impact if Congress can’t agree on a funding deal to avert a government shutdown that will begin Saturday morning.
SSI benefits for March will be paid on Friday, Feb. 27, because March 1 is Sunday.
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Social Security benefit checks are not expected to be affected if the government shuts down. (Kevin Dietsch/Getty Images)
SSI payments are usually made through direct depositalthough beneficiaries who don’t have bank accounts or want to get funds in a different way can get them from Direct Express cards.
The SSA stopped checking documents at the end of September following a The Trump administration order earlier this year that mandated all federal payments to switch to electronic transfers, such as direct deposits to bank accounts or transfers to debit cards.
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Social Security eliminates paperwork and provides ways for beneficiaries to enroll in direct deposit. (Stock)
Data from the SSA showed that as of September, more than 68 million Americans nationwide were receiving Social Security benefits. Of that number, about 390,000, or about 0.6%, receive paper checks.
I SSA website provides ways for beneficiaries to register for a deposit directly through the My Social Security platform, or by phone through SSA or the Department of Finance’s electronic payment solution center.
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