The second, third, and fourth Wednesday of every month are significant days for some 70 million vulnerable Americans since these are the days on which Social Security benefits are paid. For the households of many of these beneficiaries, these monthly benefit checks act as a primary source of income, and the round of benefit checks for the month of July have just finished rolling out. Here is all you need to know.
Social Security checks for July
The Social Security Administration (SSA) uploads the benefit payment schedule for the full year well in advance and as a result, beneficiaries are able to plan out their budgets accurately around their respective benefit payment dates. The SSA’s official Schedule of Social Security Benefit Payments can be found on the agency’s website.
As noted above, the regular Social Security benefit payments are rolled out on Wednesdays throughout the month, each month. In particular, it is the second, third, and fourth Wednesday of each month and the date on which a beneficiary receives their benefit is determined in relation to their date of birth. Those born in the first third of the month receive their benefits on the second Wednesday, those born in the second third of the month receive their benefits on the third Wednesday, and those born in the last third of the month receive their benefits on the fourth Wednesday of the month.
The July Social Security benefits have been sent out on the following dates, as per the SSA’s official schedule:
- Second Wednesday, July 9th – recipients with birth dates from the 1st of the month to the 10th
- Third Wednesday, July 16th – recipients with birth dates from the 11th of the month to the 20th
- Fourth Wednesday, July 23rd – recipients with birth dates from the 21st of the month to the 31st
All three benefit payments for July should have already been rolled out by now, however, it is also worth noting that the SSA’s schedule advises beneficiaries to “please allow three additional mailing days before contacting Social Security” if they had not receive their benefit on the stipulated date. Furthermore, payment dates will differ slightly for beneficiaries who also receive the Supplemental Security Income (SSI) in addition to the regular Social Security benefit, or those who have been receiving Social Security benefits since before May 1997. In the case of these individuals, the schedule states that, “if you received Social Security before May 1997 or if receiving both Social Security & SSI, Social Security is paid on the 3rd and SSI on the 1st.”
Decreased benefits from August
For some beneficiaries, July may just be the last month in which they receive their full benefit amounts as the SSA is set to begin withholding from benefits in order to recoup overpayments made to beneficiaries in the past. Notices stating that the beneficiary had been overpaid and will now be required to repay the balance were sent out on April 25th. The withholding rate is 50% of the benefit until the overpayment balance is cleared, however, recipients of the notice will be given a 90 day grace period upon receiving the notice.
During this 90 day window, the recipient has the option to either file a waiver of repayment if they believe that they had been paid the correct amount in the past, or they may negotiate a lower rate of withholding. The 90 day period to take action regarding the overpayment notice will come to a close around July 24th meaning that July benefit payments will not likely be affected by the agency’s clawbacks as the final payment for the month went out on the 23rd. However, if a recipient did not take any action regarding their overpayment notice, their upcoming benefits will likely be subject to the 50% withholding rate, starting in August.