When Will I Get My Social Security Payment? - Yahoo! Finance
It’s kind of a tricky question, and many who claim are perplexed trying to figure out exactly when their monthly Social Security payment will be available. It’s especially difficult for those trying to time receipt of their first Social Security payment with the loss of their work income when they retire. This Yahoo! Finance article by Georgina Tzanetos fills in a lot of the details (click here to read that article), but here are some key things to know:
- Social Security doesn’t deal in partial months. Your first month of eligibility is the first month you are 62 for the entire month. That means unless you were born on the 1st or 2nd of the month, your first month of eligibility for Social Security benefits is the month after the month you turn 62.
- Social Security pays benefits “in arrears” – that is, in the month following the month benefits are earned. For example, if you claim for your benefits to start in November, your benefits for that month will be paid in December (the following month). Which specific day of the month is explained in the Yahoo! article.
- Except in very rare circumstances, new beneficiaries will receive their benefits on a Wednesday – either the 2nd, 3rd, or 4th Wednesday of the month. Which of those Wednesdays depends on your birthday (or, in the case of survivor and spouse benefits, on your spouse’s birthday). Note that those receiving benefits since before May 1997 get paid on the 3rd of the month, and those receiving Supplemental Security Income (SSI) are paid on the first of every month.
- Social Security no longer mails physical checks to pay benefits. Rather, all Social Security payments are now made electronically, to either your bank account or a Direct Express debit card.
All of this, and more, is explained in this Yahoo! Finance article by Georgina Tzanetos, which you can review by clicking here.
Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of this program. Learn more about it here…