A CHANGE to Social Security means that Americans will be receiving two checks in a matter of days.
Recipients can get two checks worth up to $51,08 each thanks to a calendar quirk that has been impacting the Social Security schedule all year.
Social Security recipient will receive their next payment in two days[/caption]
Those who benefit from Social Security can thank the way the days fall on the calendar as the reason why they will be getting two payments.
Payments for Social Security are typically sent out on the first of the month.
If that day lands on a weekend or a holiday, payments are sent out early.
Monday September 1 is Labor Day, so the September check will be sent out on the last working day of August, which is Friday August 29.
Labor Day will also cause disruption to banks and retailers, so Americans are advised to check with their local store before heading out.
This calendar quirk has affected the payment schedule already this year, and will again before the year is out.
For example, in May, Social Security recipients got their June checks sent to them on Friday May 30.
This was because June 1 fell on a weekend.
DOWNSIDES OF THE DOUBLE DOSE
Looking forward, November checks will be sent out on Friday October 31 because November 1 is a Saturday.
And the January 2026 check will be sent out the day before on December 31.
This is because January 1 is an official holiday, New Year’s Day.
But a double dose does have it’s downsides, because while recipients get two checks at once, it will mean they have to wait longer for their next payment.
As a result of receiving the September payment in August, beneficiaries will now not get their next check until October 1.
HOW MUCH WILL YOU BE PAID?
The amount you are paid in Social Security benefits depends on your earnings history and at what age you started claiming.
HOW TO SUPPLEMENT YOUR SOCIAL SECURITY
Here’s how to supplement your Social Security:
Given the uncertainty surrounding Social Security’s long-term future, it’s essential for workers to consider ways to supplement their retirement income.
Senior Citizens League executive director, Shannon Benton recommends starting early with savings and investing in retirement accounts like 401(k)s or IRAs.
- 401(k) Plans
- A 401(k) is a retirement account offered through employers, where contributions are tax-deferred.
- Many employers also match employee contributions, typically between 2% and 4% of salary, making it a valuable tool for building retirement savings.
- Maxing out your 401(k) contributions, especially if your employer offers a match, should be a priority.
- IRAs
- An Individual Retirement Account (IRA) offers another avenue for retirement savings.
- Unlike a 401(k), an IRA isn’t tied to your employer, giving you more flexibility in your investment choices.
- Contributions to traditional IRAs are tax-deductible, and the funds grow tax-free until they are withdrawn, at which point they are taxed as income.
If you started claiming Social Security benefits later on in life, you will earn more per month.
If you retired at 67, the maximum monthly payment you can receive is $4,018.
But if you claim at 62, you will be capped at $2,831 per month.
Waiting until 70 increases your Social Security benefits cap to $5,108.
Despite these strict caps, it has been said that the average Social Security recipient is seeing a larger payment than ever before.
In June, the Social Security Administration reported that the average received check reached $2,002.39.
This is the first time the figure has topped $2,000, per Newsweek.
Monday September 1 is Labor Day, so the September check will be sent out on the last working day of August, which is Friday August 29[/caption]
