New payment dates have been issued by the Social Security Agency (SSA) as the new year gets underway, but not everyone receives their check on the same day, so Newsweek has broken down when people can expect theirs to arrive.
Social Security is also known as the Old Age, Survivors, and Disability Insurance (OASDI) program. Social Security payments encompass pensions and benefits for those with disabilities and survivors of a deceased claimant. The program is designed to replace lost income due to old age, incapacity or the loss of a person who provided financially, such as a spouse or parent.
Supplemental Security Income (SSI) is an additional payment made to the elderly, blind and disabled who have little income and few assets. These are often made to bump up the amount of income for retirees whose OASDI does not "provide a basic living", according to the Center on Budget and Policy Priorities.
Payments under both programs are made each month to benefit recipients, regardless of the reason a person is entitled to claim.
Payments have been made to claimants since 1935, when President Franklin D. Roosevelt signed the Social Security Act. Today, benefits are paid by the SSA, a branch of the U.S. government.
The pot from which Social Security is paid is funded by taxes from all U.S. workers, and is the biggest expenditure in the U.S. federal budget. The tax rate for 2024 is set at 6.2 percent for employees and their employer. Self-employed individuals are required to pay both amounts, totaling 12.4 percent.
The amount a person is paid depends on how much they formerly or currently earn, meaning amounts vary from person to person.
According to financial media website Investopedia, around 71 million Americans were due to collect benefits from the SSA in 2023.
But for those who receive money from the SSA, not all payment types are made on the same date, with the day you receive your amount dependent on numerous factors, including, but not limited to the type of benefit being paid, your date of birth, and where you live.
Newsweek has broken down all of the Social Security payment dates in January 2024.
When Is My January 2024 Social Security Payment Coming?
January 1 and 3
Some people will have already received their checks as payments were made to claimants if the following criteria applied:
On January 1:
For those that receive both SSI and Social Security payments, SSI was paid on New Year's Day.
On January 3, Social Security payments were made if:
- The recipient is living outside of the U.S.
- You filed for Social Security prior to 1997
- Your Medicare premiums are paid by your state
January 10
Those with birthdays that fall between the first and 10th of their birth month will receive their payment on Wednesday, January 10.
January 17
Any claimant who has a birthday between on or between 11 and 20 of January will receive their monthly amount on January 17.
January 24
Lastly, recipients with a birthday falling between January 21 and 31 will be paid on January 24.
Uncommon Knowledge
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
About the writer
Aliss Higham is a Newsweek reporter based in Glasgow, Scotland. Her focus is reporting on issues across the U.S., including ... Read more
