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    When to Expect Your Social Security Checks

    How to find out when your Social Security payments will arrive.

    When to Expect Your Social Security Checks

    Here's how to find out when your Social Security direct deposits will arrive.

    By Rachel Hartman April 12, 2021

    Social security beneficiaries can receive their benefits via direct deposit or a Direct Express debit card.(GETTY IMAGES)

    Claiming your Social Security payments is a retirement milestone. But not everyone receives their Social Security check on the same date. Benefits are paid out on Wednesdays, and those with a date of birth early in the month receive Social Security payments before those who were born later in the month. Understanding the timing of your Social Security direct deposits can help you manage your retirement finances. Here is a breakdown of when to expect Social Security checks, how benefits are paid and guidelines about when to apply.

    [ READ:

    How Much You Will Get From Social Security. ]

    When Social Security Is Paid

    Social Security checks are normally paid on the second, third and fourth Wednesdays of each month. “The exact arrival date for Social Security checks depends on the recipient’s day of birth,” says William Lipovsky, CEO of First Quarter Finance in Lincoln, Nebraska.

    If you were born:

    On the 1st through the 10th: Expect a check to be paid on the second Wednesday of the month.

    On the 11th through the 20th: Expect a check to be paid on the third Wednesday of the month.

    On the 21st through the 31st: Expect a check to be paid on the fourth Wednesday of the month.

    There is a slight change for holidays. “If the payment date falls on a public holiday, the payment will instead be made on the Tuesday just before the originally scheduled date,” Lipovsky says. You can view the schedule for payments during 2021 at ssa.gov.

    How Social Security Checks Are Paid

    Social Security checks are no longer mailed to most beneficiaries. You can receive your payment through two ways:

    Direct deposit. You can choose to have the Social Security check deposited directly into your bank or credit union account.Direct Express debit card. You can have the Social Security check loaded onto a debit card through the Direct Express card program. You don’t need a bank account for this setup. The card works for making purchases, paying bills or getting cash. However, there may be fees associated with some transactions.

    [ READ:

    Social Security Changes Coming in 2022 ]

    What Time Frame the Amount Covers

    Social Security benefits are sent out the month after they are due. “Social Security checks are paid in arrears, so any check received is for the month prior,” says Adam Beaty, a financial planner at Bullogic Wealth Management in Pearland, Texas. For example, your July payment is distributed in August.

    Once you start receiving benefits, you might notice that at the beginning of the year, your payment amount is different. The Social Security Administration adjusts payments each year to keep pace with inflation. As prices in the U.S. fluctuate, the benefits you receive could change to help cover the rising costs. The annual cost-of-living adjustment is calculated each October and paid out beginning in January.

    When Social Security Payments Will Start

    Some of the decision regarding when to start Social Security payments is up to you, but your payments could change depending on the age you sign up. “Currently, the earliest you can start taking Social Security retirement benefits is at age 62,” says Logan Allec, a certified public accountant and founder of Money Done Right in Santa Clarita, California. However, if you choose to start payments at age 62, you will receive a reduced benefit.

    To receive your full benefit, you’ll need to wait until you reach full retirement age. Your full retirement age depends on when you were born. If you were born between 1943 and 1954, for instance, your full retirement age is 66. If you were born in 1960 or later, your full retirement age is 67.

    Whether you should take Social Security benefits early will depend on your situation. If you need to stop working earlier than your full retirement age due to health reasons, you might decide to start taking Social Security to help cover your bills. However, if you have a large amount set aside for retirement, you could choose to draw from those funds and wait until your full retirement age or up until age 70 to start Social Security payments.

    “This is why it’s essential that you budget for different scenarios,” Allec says. You can sit down with a financial advisor to look at your current plan and create backup strategies.

    How to Start Your Benefit

    To begin receiving Social Security, you’ll need to fill out an application. You can apply for Social Security online at ssa.gov or make an appointment at your local Social Security office. To avoid any surprises, it’s best to start this process early.

    “Don’t do it at the last minute,” says Tim Sullivan, a national Social Security advisor and owner of Strategic Wealth Advisors Group in Shelby Township, Michigan. You might begin the process three or four months before you want to start receiving checks. This will give you enough time to make sure you have all the right forms and aren’t missing out on any potential benefits.

    Source : money.usnews.com

    How to See Your Social Security Benefits Online

    If you're a new recipient of Social Security payments, we'll explain how the payout dates work.

    Money

    How to See Your Social Security Benefits Online

    Quickly check your Social Security statement online instead of waiting for a letter to arrive in the mail.

    Katie Teague

    June 13, 2022 12:15 p.m. PT

    3 min read

    See your Social Security benefits online.

    JJ Gouin/GettyImages

    Whether you've been receiving Social Security benefits for decades, or you're just curious to see how much money you could get when you retire, having online access to your benefits is a must. To view your statements and future benefits from your phone or laptop, you'll need to set up a My Social Security account.

    Here's how to access your Social Security benefits online, and the information you'll be able to see. If you've got a while before you retire, here's the easiest way to save for retirement. If you receive benefits now, here's the Social Security payment schedule for June.

    Create a My Social Security account

    To see all of your Social Security benefits online, you'll first need to create a My Social Security account. Here's what to do.

    1. Go to ssa.gov on your browser and select my Social Security.2. Next, click Create an Account.3. You'll be prompted to sign in with your ID.me account or login.gov account unless you created an account before Sept. 18, 2021. Note that you'll need to create one of those accounts if you don't have one.4. Once you have an account, you'll need to agree to the terms of service to continue.5. Next, you'll need to verify your identity. The Social Security Administration will send a one-time security code to your email that you'll need to enter within 10 minutes to continue to your account.

    You should now have access to all of your Social Security statements and other details online.

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    8:53

    Social Security information you can see online

    When you sign in to your online account, you'll be able to view your Social Security statements. If you don't yet receive benefits, you'll see an estimate of the amount you could receive when you do retire.

    There's a table that shows your monthly benefit amounts if you retire -- for instance, if you were born in 1960 or later, your chart may show retirement at 62 years old (early), 67 years old (full) and 70 years old (delayed). Note that these retirement ages may change in the future. The longer you wait to retire, the more money you could receive per month.

    You can also see your eligibility and earnings information. If you've worked at least 10 years, you'll have enough work credits -- you need 40 -- to receive benefits. If you click on Review your Earnings Record, you'll see your taxed Social Security and Medicare earnings for each year you worked.

    What else can you do?

    There are several things you can do from your My Social Security account.

    You can request a Social Security card replacement from your account.

    Start your retirement application.

    Start a disability application if you're unable to work for at least one year due to a medical condition.

    Calculate benefits for a current or former spouse, based on your earnings record.

    Want more Social Security information? Here's how to know if it's safe to share your Social Security number. Also, Social Security benefits could get a big boost in 2023 -- see how much you could get.

    First published on June 11, 2022 at 5:00 a.m. PT.

    Source : www.cnet.com

    What Day Should My Social Security Payment Arrive?

    Here's a look at the payment schedule for Social Security benefits and answers to common questions.

    RETIREMENT PLANNING SOCIAL SECURITY

    When Will My Social Security Payment Arrive?

    When Will My Social Security Payment Arrive? The payment schedule for benefits depends on your birthday

    BY DANA ANSPACH Updated February 14, 2022

    REVIEWED BY MICHAEL J BOYLE

    FACT CHECKED BY DAVID RUBIN

    The Balance

    Social Security benefit payments are deposited on the second, third, or fourth Wednesday of each month, depending on your day of birth. This payment schedule has been in effect since June 1997.1

    The same schedule applies whether you're collecting Social Security retirement benefits, Social Security disability benefits, or Supplemental Security Income (SSI). Most Social Security recipients are retirees, however. Approximately 50 million individuals and families received retirement benefits in June 2021, according to the Social Security Administration (SSA).2

    The Usual Schedule

    Expect your Social Security payment to be deposited:

    On the second Wednesday of each month if you were born on the first through the 10th day of the month

    On the third Wednesday of each month if you were born between the 11th and 20th day of the month

    On the fourth Wednesday if you were born between the 21st and the 31st day of the month1

    Children or spouses who receive benefits based on someone else's work record should receive their payments on the same day as that individual.3

    Exceptions to the Usual Schedule

    Your payment will arrive on an alternate schedule if you fall into certain categories. It will be made on the third day of the month if:

    Your state is paying your Medicare premiums

    You started receiving benefits prior to May 1, 1997

    You reside in another country

    You're receiving both Social Security benefits and SSI payments

    But there's an exception to the Social Security/SSI rule. You'll receive payment on the first of the month rather than the third day if you're receiving SSI due to disability, blindness, or age.3

    SSI is needs-based. It's not something you paid into over the course of your working career, like Social Security retirement or disability benefits or Medicare, so it's possible to collect for these reasons without also receiving Social Security retirement or disability benefits. SSI is intended to pay for basic food, shelter, and clothing needs.4

    Your payment will come the weekday just before the usual date if your payment date falls on a weekend or a federal holiday.

    You can find calendars on the Social Security Administration's website, Schedule of Social Security Benefit Payments 2022, to pin down the exact dates in 2022 depending on your circumstances.

    When Will I Receive My First Payment?

    Social Security retirement benefits, as well as disability and survivor benefits, are paid in the month after the month the payment represents. For example, you can expect your first direct deposit to occur in June according to the day-of-birth schedule if your first month of receiving benefits is May.5

    Electronic Delivery of Payments

    The Social Security Administration no longer mails paper checks, although the U.S. Department of the Treasury does occasionally make some isolated exceptions to this rule. Otherwise, there are two ways you can receive your benefits:

    You can request direct deposit. Payments will be automatically posted into your bank account on your payment date.

    Your benefits will be paid to a Direct Express debit card if you don't have a bank account or if you don't sign up for direct deposit. Payments are automatically posted to your card account on your payment day. The card works anywhere that takes Debit Mastercard, and you can use it to get cash at ATMs or cash back at the grocery store, or to set up automatic payment of your monthly bills.6

    You have a third option if you're receiving Social Security disability benefits. You can set up an Electronic Transfer Account with the SSA, which will make automatic payments on your behalf from your disability benefits.7

    What If My Payment Doesn't Come?

    The Social Security Administration asks that you first contact your bank or financial institution if your direct deposit or debit card funds aren't received on time. You should then call Social Security at 1-800-772-1213 or contact your local Social Security office.8 The SSA asks that you wait three days before reaching out, however.9

    The risk of your "check" being stolen is virtually eliminated if you use the direct deposit option because the money is transmitted electronically and directly to your bank account.

    Frequently Asked Questions (FAQs)

    Frequently Asked Questions (FAQs) How do I change Social Security to direct deposit?

    If you already receive Social Security benefits, you can start or update your direct deposit by visiting your online my Social Security account. Simply log in, navigate to your profile page, and input your direct deposit information. You can set this change to take effect immediately or at a specified later date. If you receive SSI benefits, don't have a U.S. mailing address, or otherwise aren't able to make this change online, you can contact your bank or call the Social Security Administration at  1-800-772-1213.10

    Source : www.thebalance.com

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