Social Security test schedule and different data
DEAR SAVVY SENIOR: I’m planning to retire and apply for my Social Security advantages in July. When can I anticipate…
DEAR SAVVY SENIOR: I’m planning to retire and apply for my Social Security advantages in July. When can I anticipate my first test, and is direct deposit my solely possibility for receiving my month-to-month cost?
— Virtually 62
DEAR ALMOST: Usually, Social Security retirement advantages, in addition to incapacity and survivor advantages, are paid within the month after the month they’re due. So, if you wish to begin receiving your Social Security advantages in July, your July advantages might be distributed in August.
The day of the month you obtain your profit cost, nonetheless, will rely in your birthdate. Right here’s the schedule of when you’ll be able to anticipate to obtain your month-to-month test.
Should you had been born on the:
- 1st by means of the tenth: Count on your test to be deposited on the second Wednesday of every month.
- eleventh by means of the twentieth: Count on your test to be deposited on the third Wednesday of every month.
- twenty first by means of the thirty first: Count on your test to be deposited on the fourth Wednesday of every month.
There are, nonetheless, a couple of exceptions to this schedule. For instance, if the day your Social Security test is meant to be deposited occurs to be a vacation, your test might be deposited the day before today. And, if you’re receiving each Social Security advantages and SSI funds, your Social Security test might be deposited on the third day of the month.
You also needs to know that for Social Security beneficiaries who began receiving advantages earlier than 1997, their Social Security checks are paid on the third day of the month.
To get an entire schedule of 2022 cost dates, go to SSA.gov/pubs/EN-05-10031-2022.pdf.
Extra: Savvy Senior: Social Security calculators that may make it easier to determine when to assert
Receiving choices
There are two methods you’ll be able to obtain your Social Security advantages. Most beneficiaries select direct deposit into their financial institution or credit score union account as a result of it’s easy, secure and safe. However should you don’t need this feature, otherwise you don’t have a checking account that your funds will be deposited into, you will get a Direct Categorical Debit MasterCard and have your advantages deposited into your card’s account.
This card can then be used to get money from ATMs, banks or credit score union tellers, pay payments on-line and over the telephone, make purchases at shops or areas that settle for Debit MasterCard and get money again once you make these purchases, and buy cash orders on the U.S. put up workplace. The cash you spend or withdraw is mechanically deducted out of your account. And you may test your steadiness any time by telephone, on-line or at ATMs.
There’s additionally no value to join the cardboard, no month-to-month charges and no overdraft costs. There are, nonetheless, some small charges for non-compulsory providers you want to pay attention to, like a number of ATM withdrawals. At the moment, cardholders get one free ATM withdrawal per thirty days, however further month-to-month withdrawals value 85 cents every not together with a surcharge should you use a non-network ATM. To study extra, go to USDirectExpress.com or name 800-333-1795.
When and find out how to apply
The Social Security Administration recommends that you just apply for advantages three months earlier than you need to begin receiving checks. This provides you with sufficient time to ensure you have all of the wanted data to finish the applying. See SSA.gov/hlp/isba/10/isba-checklist.pdf for a guidelines of what you’ll want.
You’ll be able to apply in your Social Security advantages on-line at SSA.gov, by telephone at 800-772-1213, or in particular person at your native Social Security workplace — name first to make an appointment.
Extra: Savvy Senior: Social Security program helps seniors handle cash. Here is what you need to know
Ship your senior inquiries to: Savvy Senior, P.O. Field 5443, Norman, OK 73070, or go to SavvySenior.org. Jim Miller is a contributor to the NBC “At this time” present and creator of “The Savvy Senior” guide.
