One of the best things about the government is the Social Security Administration (SSA). It has five programs that help seniors and disabled people, two of the most vulnerable groups in society, make ends meet.
Beneficiaries must meet certain requirements for each program, and benefits are only given out at certain times. This is done to avoid mistakes and make sure that all beneficiaries get the benefits they are entitled to.
Here are the programs:
Retirement: Probably the most well-known, is available to all workers that have worked at least 10 years (40 credits) of taxable income and have reached at least 62 years of age.
Disability: The second most popular program, it requires beneficiaries to have worked a minimum amount of time and meet the medical criteria established by the SSA.
Survivors: Specific requirements depend on the relationship you had with the deceased worker and his or her age at the time of death.
Family or Spousal and children benefits: Same as survivors, the requirements depend on the relationship you had with the worker. As a general rule, current and former spouses can access this payment at the same time for a maximum of 50% if the retired worker’s benefit at full retirement age. Conditions apply to former spouses.
Supplemental Security Income (SSI): In addition to meeting age or disability requirements, you must meet certain income and resource limits to be able to access this benefit. It is compatible with most of the other benefits.
The Social Security calendar
It makes sense for the SSA to split the payments in some way to avoid mistakes, since these programs are very different and help very different groups of people for very different reasons. There are three different types of payments.
People who started claiming benefits before May 1997, people who started claiming benefits after May 1997, and people who get SSI. Here’s how the schedule looks:
Beneficiaries who began receiving benefits before May 1997: Receive their payment on the 3rd of every month.
Beneficiaries who began receiving benefits after May 1997 will get their payment depending on their date of birth. This applies to retirement payments, disability, survivors and family.
- Beneficiaries born between the 1st and 10th of every month: Second Wednesday of the month.
- Beneficiaries born between the 11th and 20th of every month: Third Wednesday of the month.
- Beneficiaries born between the 21st and 31st of every month: Fourth Wednesday of the month.
SSI beneficiaries: Receive their payment on the 1st of every month
This means that, during the month of November, the schedule looks something like the following:
- SSI beneficiaries: Received their payment on November 1st.
- Beneficiaries who began receiving benefits before May 1997: Received their payment on November 3rd.
- Beneficiaries born between the 1st and 10th of every month: Received their payment on November 13th
- Beneficiaries born between the 11th and 20th of every month: Received their payment on November 20th
- Beneficiaries born between the 21st and 31st of every month: Will receive their payment on November 27th
They will get a second payment in November because of a mistake in the calendar. The December payment is due on December 1, but payments are not sent on holidays or weekends.
This means that payments must be sent the day before, when banks are open and the U.S. postal service runs. For this reason, the payment will now be due on November 29, which is Black Friday this year.
So you don’t ask how it’s possible, Black Friday is not a national holiday. For the day, many businesses choose to close early because it’s the weekend, but banks, stores, and the postal service are all open.
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