$943 and more than $4,000 in paychecks this week

Americans who are retired, get a survivor pension, or are Supplemental Security Income (SSI) recipients will soon receive a Social Security double payment from the Social Security Administration (SSA), the federal body in charge of managing and distributing monthly benefits. Continue reading to learn everything you need to know about future payments, including the crucial requirements you must meet.

The retirement program is a type of social security benefit that operates similarly to a pension fund. During your working life, you can participate in the program by paying a monthly proportion of your wages, and when you opt to retire, you will receive a monthly check for the rest of your life. However, there are some key prerequisites:

• You need to pay 6.2% of your salary each month, or 12.4% if you are self-employed.
• You need to have been paying Social Security taxes for at least 10 years.

Social Security beneficiaries need to understand that the SSI and retirement benefits programs work differently. The Old Age, Survivors, and Disability Insurance (OASDI) is different from the Supplemental Security Income (SSI), mainly because SSI is focused on Americans who do not have enough income to support themselves. In general, the SSI program provides monthly benefits to low-income seniors 65 years old or older, including those Americans with disabilities or blindness.

Why does this week come with a Social Security double payment?

The SSA establishes a payment schedule for each of the programs it administers. Allowing the beneficiaries to know and comprehend this timetable enables them to adjust their spending. So, in principle, there would be no time during the month when individuals would not have access to their money to purchase the things and services they require to survive. According to the Social Security payment schedule, payments for Social Security programs are programmed as follows:

Retirement, survivors, and disability benefits

If you started receiving social security payments before May 1997, then it will be on the third day of the month. For the other beneficiaries, it is based on your birth date:

• If the beneficiary’s birth date falls between the 1st and the 10th, they will get their payment on the second Wednesday of the month.
• If the beneficiary’s birth date falls between the 1st and the 10th, they will get their payment on the third Wednesday, and
• If the beneficiary’s birth date falls between the 21st and the 31st, they will get their payment on the fourth Wednesday.

Supplemental Security Income (SSI)

SSI recipients will receive a Social Security double payment as the first of June falls on a weekend. Every time this happens, the Social Security Administration reschedules the payment for the preceding business day. Considering these conditions, SSA is going to make two payments in the first week of May:

• May 1st: SSI payment.
• May 3rd: retirement and survivor for those who started receiving the benefits before May 1997.

How much can you expect from this Social Security double payment?

The amount depends on the program, as each one has different considerations. Retirement and survivor benefits are calculated first by deducting the total amount of Social Security taxes paid throughout your working life, while SSI benefits depend on your monthly income and your assets. Additionally, the amount of Social Security taxes paid at the time of death will be taken into consideration when selecting survivors.

SSI:

If you are a beneficiary of SSA programs, it is important to always check for any possible changes in the eligibility requirements and the amount paid. Remember to periodically enter the SSA website.