Some Americans will receive one less Social Security payment this month, a rare occasion that is the result of a quirk in the system.
Typically, the Social Security Administration sends out one payment each week, delivering Social Security checks on the second, third and fourth Wednesdays of each month. Then it pays Supplemental Social Security Income — which provides support for disabled people and older Americans with low incomes — on the first of the month unless it falls on a weekend or holiday.
Because June 1 falls on a Saturday, some SSI recipients received two payments in the month of May. That means roughly 7.4 million SSI recipients will get their June payments on Friday, May 31.
The back-to-back May deposits do not mean retirees are receiving extra money — it’s just an early payment for the following month.
This is slated to happen two more times this year, in August and November, according to a schedule of payments on the Social Security Administration’s website.
Retirees received a modest cost-of-living bump this year, but many have reported struggling to get by as they continue to battle high inflation that has rapidly eroded their purchasing power.
Read more here from Fox Business.
