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The Cost-of-Living-Adjustment (COLA) is vital for beneficiaries of social programs to maintain their purchasing power despite inflation. The long-awaited $600 increase the federal government announced for Social Security will go into effect in the coming weeks. Keep reading to find out when you will receive your increase.
Social Security provides retirement income to retired workers and disability insurance to more than 67 million people. Year after year, the federal government adjusts the amount each beneficiary receives so that inflation does not affect their standard of living.
Social Security Disability Income (SSDI) is just one of the programs that are part of Social Security, and its deposits are made staggered on Wednesdays of each month. Your deposit day depends on your date of birth.
What day will I receive my June deposit and increase?
The increase approved by the government will begin to be integrated into monthly payments starting in June, by the usual SSDI deposit schedule.
Recipients who were born between the 1st and 10th of the month will receive their payment on June 12. This year, the third Wednesday of June will fall on the 19th during the Juneteenth celebration. For this reason, people born between the 11th and the 20th of the month will receive their monthly payment on Tuesday the 18th.
Finally, recipients whose date of birth is between the 21st and the 31st of the month will receive their deposit on Wednesday the 26th. If you have been on Social Security since before May 1997, you receive your payment on the 1st of the month.
If you are on Social Security and Supplemental Security Income (SSI), you must receive the deposit for the former on the 1st of the month and the latter on the 3rd.
Does SSI deposit on weekends?
The short answer is no. If the SSDI or SSI payday falls on a weekend or holiday, the deposit will be advanced to the immediately preceding business day.
Finally, if you did not receive your check on the scheduled date, the Social Security Administration recommends waiting three mailing days. After that time, contact your bank to verify that there is no problem on their end.
If the problem is not with your bank, go to the regional Social Security office or call the beneficiary service number.