Your Social Security payment depends primarily on your birthdate unless you qualify for one of the exceptions. In addition, the Social Security Administration made some important changes to the 2022 Social Security benefits that may impact you, including cost-of-living adjustments, your retirement age and your taxable earnings. Show
Fact Checked Our fact-checking process starts with vetting all sources to ensure they are authoritative and relevant. Then we verify the facts with original reports published by those sources, or we confirm the facts with qualified experts. For full transparency, we clearly identify our sources in a list at the bottom of each page. According to the Social Security Administration, 176 million people have paid Social Security taxes as of June 2021, and nearly 65 million people receive monthly benefits. Social Security benefits play a big role in retirement planning, with most payment recipients being retirees and their families. Recipients also include people with qualifying disabilities, survivors — including divorced spouses of workers who have died on the job — and dependents of beneficiaries. Originally, Social Security benefits were paid on the first Thursday of every month, but anyone who started receiving benefits after June 1997 receives them based on their date of birth. Currently, you will receive retirement or disability benefits on the second, third, or fourth Wednesday of each month, depending on the day you were born. But that could change based on a few other criteria. The date you receive your Social Security check each month depends largely on when you were born. Here’s how Social Security payments work for most recipients. If you were born on the:
While most receive payments based on the schedule above, there are a few exceptions. If you collect both Social Security and Supplemental Security Income, then you will receive SSI on the 1st of the month and Social Security by the 3rd. Some other exceptions include if your Medicare premiums are paid for by the state or if you started receiving benefits prior to May 1, 1997. In either situation, you will receive payment by the 3rd of every month. If your payment date falls on a weekend, then you will receive payment the Friday before. Lastly, if you are a U.S. citizen living abroad in:
Per the Social Security Administration, you are not considered to be living abroad if you reside in any of the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, the Mariana Islands and American Samoa. If that is the case, you will receive your payment based on your date of birth. When Should I Expect My First Social Security Payment?Social Security pays benefits the month after they are due. Think of this in terms of working a job where you get paid monthly. In that scenario, you would receive payments for work done you completed in April in May. The same concept applies, so if you are first eligible to receive payments in January, you would receive your first payment in February. How Will I Receive My Social Security Payment?Aside from few exceptions, Social Security payments are all made electronically. You will receive payments either through a direct deposit made directly to your bank account or through a Direct Express debit card. The debit card works anywhere that accepts Debit Mastercard and can be used to get cash at ATMs and grocery stores. Several key changes were made to Social Security this year, which may impact your benefits. The most important updates to Social Security in 2022 include: Retirement Age The age at which you become eligible for full retirement, and thus Social Security benefits, has increased. So, if you turn 62 in 2022, then your full retirement age has changed to 67. If you are 62 and started claiming benefits this year, then your monthly benefit is reduced by 30% of your full retirement age benefit.Cost of Living Adjustments Social Security is now paying a 5.9% increase to retirement, disability, and/or survivor benefits to account for cost-of-living adjustments (COLA), which marks the largest adjustment in 39 years.Taxable Earnings Supplemental Security Income (SSI) Recipients will not receive payments in January, May or October and will instead receive double payments in April, September and December. This is due to the 1st of the month falling on a weekend; therefore, payments will be made during the preceding month.Payment schedules were not changed during this year’s Social Security updates. Last Modified: August 17, 2022 5 Cited Research Articles
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