Benefits from Social Security are en route to recipients. Direct deposits of $914 are scheduled to be transferred into the bank accounts of the eligible recipients over the next 17 days, starting August 1.
A recent modification to the schedule of payments has resulted in a circumstance where recipients may receive no payments in certain months and two payments in others. Altogether, recipients still get a total of 12 payments annually.
While $914 is the maximum payment for individual recipients, couples filing jointly may receive as much as $1,371. However, not everyone will receive the maximum payment.
Moving forward, beneficiaries are advised to monitor their bank accounts for the direct deposit. The Social Security Administration is widely known for its punctuality when it comes to delivering these benefits. As such, individuals are expected to receive their benefits without delay.
Importantly, “it can take one to three business days for the funds to appear in your account once the payment has been sent,” as stated in the Social Security Administration’s guidelines. Therefore, while the benefits are due to be sent over the next 17 days, it might take an additional few days for the payments to be fully processed by the recipients’ banks.
It’s also worth noting that Social Security benefits are the primary source of income for many elderly Americans — so these payments are crucial for these individuals.