New York Social Security beneficiaries are set to receive their payments this month in addition to a variety of other benefits released by state authorities. Every month, the Social Security Administration (SSA) is responsible for distributing benefits to over 75 million beneficiaries across the country, the majority of whom are retirees. In addition, New York beneficiaries may be receiving multiple payments this month on top of their anticipated Social Security benefits from local authorities, provided that they meet the qualifying criteria.
Social Security supports millions across the country
The SSA manages the distribution of benefits from three types of funds: Retirement, Disability, and Supplemental Security Income (SSI). While the majority of beneficiaries receive Retirement benefits, some receive benefits from more than one of these funds. Payments are distributed according to your birthdate and which of these funds you receive benefits from, with the general schedule structured as follows:
- The second Wednesday of the month: Birth dates between the first and the 10th of the month.
- The third Wednesday of the month: Birth dates between the 11th and 20th of the month.
- The fourth Wednesday of the month: Birth dates between the 21st and 31st of the month.
However, there are exceptions to this schedule if you receive SSI payments, with all SSI payments paid on the first of the month. If you receive both SSI and Retirement benefits, your Retirement benefits are then paid on the third of the month instead of following the general schedule.
Recently, the SSA announced the new cost-of-living adjustment (COLA) statistic, which will be applied to all SSA beneficiaries’ benefits for the new year. This year’s COLA is set at 2.8%, meaning benefits will be raised by this amount. This is done in order to ensure that beneficiaries’ buying power remains the same despite increases in expenses due to inflation.
New York residents see $5,108 payments in addition to others
According to the Social Security payment schedule, this coming Wednesday will see the first round of Social Security benefits distributed to beneficiaries. The maximum Retirement payment you can expect to receive from the SSA amounts to $5,108 for those beneficiaries who have met all necessary qualifying criteria to receive this amount.
However, on top of these payments, New Yorker SSA beneficiaries may be receiving additional payments this month. At the end of September, New York authorities began to distribute one-time inflation rebate checks for eligible beneficiaries in order to assist low-income households in covering the increased costs in sales tax costs due to inflation. Additionally, the state continues to distribute payments for those eligible to receive property tax relief through the School Tax Relief (STAR) program:
“The School Tax Relief (STAR) program offers property tax relief to eligible New York State homeowners,” described the New York Department of Taxation and Finance website.
New York continues to provide relief for residents
This month, New York authorities announced that they would be releasing $65 million worth of additional aid as part of an emergency response to the ongoing federal government shutdown. The shutdown has meant that the three million New Yorkers who receive SNAP benefits will see a delay in payments, meaning they may not be able to afford food expenses this month.
The emergency funding will be distributed to a variety of food banks and food assistance programs in the state in order to ensure that these programs receive the additional support they need in light of the increased burden expected this month due to the lack of SNAP payments paid out to beneficiaries. The redirected funding is critical to ensure that no individual goes hungry amidst the continued shutdown and that families are able to continue to feed their dependents.
Disclaimer: This content is informational only and does not supersede or replace the SSA’s or IRS’s own publications and notices. Always verify any specific dates and amounts by following the direct links in our article to SSA.gov or IRS.gov, or by consulting your local SSA field office or tax professional.
