With one week left in May, there are still beneficiaries who have not yet cashed their Social Security checks. Many Americans are wondering when they will receive the money from this help. Bear in mind that this benefit is the only source of income for many beneficiaries.
The Social Security check is a monthly payment that the United States federal government has set aside to help a sector of the population. It is an item of millions of euros that the U.S. administration has permanently contemplated for its beneficiaries, so that they can maintain their standard of living.
When we talk about people with low or no income, we are referring to citizens who are either unable to work or whose access to the labor market is more complicated. Also included in this category are people who had the chance to work throughout their lives but who, at a certain age, decide to retire.
These beneficiaries are so due to different circumstances. Some of them are people who suffer from a type of disability. They also include people who are dependent on a deceased relative. Finally, people who have finished their professional activity also receive a Social Security check.
Date of deposit of the last check in May
The first thing to keep in mind is that not all recipients collect checks on the same day. It is true that it may seem normal to get this financial help on the first days of the month. In this way, the organization would be simple. Everyone would receive their money at the same time. However, this is not the case.
The Social Security Administration (SSA) has a schedule in place that outlines the factors that influence whether a person gets their check on one day or another. In this sense, the only people who receive their money on the 1st of each month are SSI beneficiaries. On the other hand, all those who started receiving this pension before 1997 will receive it on the 3rd of each month.
The last criterion is related to the day of birth. In this regard, the SSA establishes that those born between the 1st and 10th of the month receive their check on the second Wednesday of the month. Those born between the 11th and 20th of the month receive their checks on the third Wednesday of the month. Finally, those born between the 21st and 31st of the month will receive their money on the fourth Wednesday of the month. Therefore, the latter are the beneficiaries who have yet to receive their May check.
Are the June checks at risk?
The United States economy is faltering. It is in a difficult situation that, if it continues, would have serious consequences for the country’s entire financial system. However, there is a solution. The problem is that it depends on the White House and Congress agreeing to raise the debt ceiling.
If not, two things can happen to your Social Security checks. On the one hand, there could be a delay. Thus, the established plan might not be followed until there is an agreement. On the other hand, they could agree to reduce the pensioner’s pension amounts. A harsh consequence that would affect millions of people.
However, experts point out that even without an agreement, the consequences may not be so immediate. In other words, even in the worst-case scenario, June payments would still be in your bank accounts. However, if the situation continues, July may be the first month in which the damage will be felt.