Retired Americans who will not receive first Social Security payment in June

There is a group of retired Americans who will not receive the first Social Security payment on June 12th. Since the Social Security Administration (SSA) has to distribute monthly benefits to almost 67 million retirees in the United States, they designed a staggered payment schedule to increase productivity and reduce potential mistakes. After May 1997, the SSA decided to change the regular schedule that had been in place until then to develop a new technique based on the beneficiary’s birth date. 

Based on the new payment methodology, if you claim your first Social Security payment after May 1997, your benefits will be paid according to the day you were born. Therefore, if you were born between the 11th and the 20th or the 21st and the 31st, you are among the group of retired Americans who will not receive the first Social Security payment. The only Americans who are allowed to receive their benefits on June 12th are those seniors who were born between the 1st and the 10th. Nonetheless, those seniors who won’t receive their benefits on this day don’t have to worry, as they will get their monthly checks as follows: 

• For those who were born between the 11th and the 20th: their Social Security payment will arrive on Tuesday, June 18th. 
• For those who were born between the 11th and the 20th, their Social Security payment will arrive on Wednesday, June 26th. 

Once these payments are completed, the Social Security Administration will resume payments for retirees on July 3rd. Remember that this payment is sent to those seniors who claimed benefits before May 1997 and therefore received their monthly checks that day, regardless of their birth date. Additionally, please remember that this month comes with a slight change to the regular payment schedule as Wednesday, June 19th, falls on a federal holiday. Whenever this happens, the SSA reschedules payments for the precious business day. For further information, please refer to the Social Security payment schedule confirmed for this year. 

Why is the Social Security payment important for the financial well-being of retired Americans?

When Americans retire, they will confront tough issues because their new income will rarely cover 100% of their previous income as active workers. As a result, retired workers must prepare their finances ahead of time, as obtaining alternative income sources is not always straightforward. Even though the Social Security payment doesn´t fully cover the income gap, it is the most significant source of income for most seniors in America. 

According to the Social Security Administration’s (SSA) statistics, Social Security benefits account for around 30% of the income of those over the age of 65, but there are some cases in which the Social Security payment provides up to 90% of the total income. This means that without this monthly income, many seniors would be struggling to pay their monthly bills, receive health care, and make ends meet. 

How much can retired Americans receive from their Social Security payment every month?

If you qualify for retirement benefits, the SSA will compute your Social Security payment based on different factors, such as the age at which you claimed benefits, your working history, your Social Security contributions, and whether you made these contributions based on your maximum taxable earnings or not. As the calculation method could be complex to understand, it is always recommended to check with a Social Security expert so that you can have a clear understanding of how your monthly payment amount has been determined. Nonetheless, here are the approved payment amounts for this year: