When Will I Receive My First Social Security Check
This is a common question we get when we do a full Social Security Benefit session. When will I receive my first check. Its important to understand that As of March 1, 2013, the Social Security Administration stopped mailing paper checks. There are two ways you can receive your benefits:
1. Direct deposit of your Social Security checks. This option puts them right into your bank account on the day they are paid.
You dont have to worry about your check being lost or worry that funds will not get to the bank in time if you are out of town. Sign up or learn more at Frequently Asked Questions About Social Security Direct Deposit.
2. Direct Express® Debit Card If you do not sign up for direct deposit, your benefits will be paid to you via Direct Express® debit card option. This card will work anywhere that takes Debit Mastercard®. You can also use your Direct Express® debit card to get cash back at the grocery store or to purchase money orders at the post office.
Social Security checks are deposited on the second, third, or fourth Wednesday of each month, depending on your day of birth. The Social Security check schedule works as follows:
If you were born on the:
1st10th of the month: Expect your Social Security check to be deposited on the 2nd Wednesday of each month.
11th20th of the month: Expect your Social Security check to be deposited on the 3rd Wednesday of each month.
Exceptions to When Social Security Checks Arrive
How And When To Apply For Social Security Benefits
- B.S., Texas A& M University
Applying for Social Security benefits is the easy part. You can apply online, by telephone or by walking into your local Social Security office. The hard part is deciding when to apply for your Social Security retirement benefits and rounding up all the documents you’ll need when you do.
Supplementing Your Social Security Income
For many retirees, the income they receive from Social Security is not enough to live off of: According to AARP, the estimated average Social Security monthly benefit in 2022 is $1,657. If you haven’t started saving for retirement it’s essential to start early so you can take advantage of the power of compound interest .
If your company offers an employer-sponsored 401 with matching contributions, you should prioritize receiving the match because it’s essentially free money.
With a traditional IRA, individuals invest pretax income and don’t pay taxes until they withdraw their earnings. With a Roth IRA individuals invest after-tax money so their withdrawals are tax-free. A Roth IRA is considered a good option for those who anticipate being in a higher income tax bracket in retirement: Rather than paying higher taxes later on, you’ll pay taxes on your contributions upfront.
A Roth IRA, however, is not available to everyone. For 2022, the income limit for single-filers is $144,000 and for married couples filing jointly it’s $204,000. Companies like Vanguard, Wealthfront, Betterment, and Fidelity Investments all provide traditional and Roth IRA options.
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Do Social Security Benefits Start The Month Of Your Birthday
When To Enroll in Retirement BenefitsThe choice to begin accepting benefits as early as allowed versus delaying until full retirement age or later is a personal one. Regardless of the age you choose to collect, the payment schedule hinges on the month of your birthday. In the case of family survivors, the point of reference is the birthday of the deceased who earned enough credits for the family to be eligible for survivor benefits.
Schedule of SS paymentsSocial Security benefits are not prorated. They start the month following the birthday. The schedule, according to AARP, follows this rule: When the birth date falls between the 1st and 10th of the month, the payment is issued on the second Wednesday of the month following the birthday month. For birth dates between the 11th and 20th of the month, expect to be paid on the third Wednesday after the birthday month. For birth dates from the 21st through the last date of the month, recipients will have to wait until the fourth Wednesday of the month that follows the birthday.
Consequences of Early RetirementThe reason people struggle with the decision of whether to collect at age 62, full retirement or 70 is the exponential difference in benefits. Contrary to what some believe, 66 is not always the full retirement age as defined by the SSA. Retirement age varies with the beneficiarys year of birth, ranging anywhere from age 65, for retirees born in 1937 or earlier, to age 67 for those born in 1960 or later.
Early Benefits Can Still Pay Off
However, taking early benefits can still pay off despite the reduced monthly check. But youll want to be sure you budget for a reduced benefit.
No one can predict how long youll live, but if youre facing a potentially significant reduction in life expectancy and are short of income, taking Social Security early may be appropriate, Neiser says.
Married women are also good candidates for claiming early benefits because they are likely to outlive their husbands. Those widows then become eligible to receive the greater of either their benefit or their late husbands benefit.
However, this scenario works only if the husband does not claim his benefits early. By not claiming early benefits, the husband effectively increases the monthly benefit his wife eventually receives. So youll want to calculate how filing early will affect your spousal benefit here.
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Taxes On Your Benefits
Your Social Security benefits may be partially taxable if your combined income exceeds certain thresholds. Regardless of how much you make, the first 15% of your benefits are not taxed.
The SSA defines combined income using this formula:
- Your adjusted gross income + nontaxable interest + half of your Social Security benefits = your combined income
If you file your federal tax return as an individual and your combined income is $25,000 to $34,000, then you may have to pay income tax on up to 50% of your benefits. If your combined income is more than $34,000, you may have to pay tax on up to 85% of your benefits.
If youre married, filing a joint return, and your combined income is $32,000 to $44,000, then you may have to pay income tax on up to 50% of your benefits. If your combined income is more than $44,000, you may have to pay tax on up to 85% of your benefits.
No More File And Suspend
Note that the claiming strategy called file and suspend, which allowed married couples who have reached their FRA to receive spousal benefits and delayed retirement credits at the same time, ended as of May 1, 2016. However, spouses born before Jan. 2, 1954, who have attained their FRA may still be able to file a restricted application. It allows them to claim spousal benefits while delaying their own benefits up to age 70.
Social Security benefits can be taxable if your combined income is high enough.
How Does Working Affect Social Security’s Disability Decision
Working right up until the time you apply for disability can throw doubt on your claim that you can’t work . If you didn’t suddenly become injured or ill, you’ll need to provide evidence that you weren’t succeeding at working just before you applied for disability .
In part of your application for disability , Social Security asks you questions about your last job. If your medical condition caused you to be absent from your last job or you had to reduce your hours due to your condition, make sure you include this information on the form. Likewise, if your employer had to give you special help or accommodations for you to complete your job, include that information. Also report how much pain you were in while you did your job and how long it took you to recover from a day’s work.
Earn Ssa Work Credits In Some Countries
You may not have enough credits from your work in the United States to qualify for retirement benefits. But, you may be able to count your work credits from another country. The SSA has agreements with 24 countries. If you earned credits in one of those countries, they can help you qualify for U.S. benefits.
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Who Can Receive The Old Age Security Pension
If you live in Canada
- be 65 or older
- be a Canadian citizen or a legal resident of Canada at the time we approve your pension application
- have lived in Canada for at least 10 years after turning 18 years old
If you live outside Canada
- be 65 or older
- have been a Canadian citizen or legal resident of Canada on the day before you left Canada
- have lived in Canada for at least 20 years after turning 18 years old
If you do not meet the requirements listed above, you may still qualify for a pension from another country, from Canada, or from both if you have:
- lived in one of the countries with which Canada has a social security agreement in force
- contributed to the social security system of one of the countries with which Canada has a social security agreement in force
To see the list of countries with which Canada has a social security agreement, visit Lived or living outside Canada – Pension and benefits.
How Far Back Will My Benefits Go
Your benefits should begin with the month of the date of entitlement in your case. Many people ask why benefits dont begin on the date they were found disabled. Social Security disability benefits never begin on the date one is found disabled because of the waiting period of five full calendar months. Another rule limits payment of back benefits to 12 months before the date of the application. Therefore, your benefits begin either 12 months before the date of application or five full months after the date you were found to be disabled, whichever is later.
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Selecting A Benefit Start Date
The application will also ask you what date you want your benefits to start. A benefits estimator is built into the application to help you decide.
The SSA pays out benefits the month after the start date you request. For example, if you indicate that you want your benefits to start in September, you’ll receive your first check in October.
Keep in mind that the amount on your benefit checks will depend on the age when you start collecting. The longer you can wait to start taking your payments, the more you will get each month. However, while you are not required to start receiving social security by age 70, your benefit will no longer increase by delaying the start date after that time.
You Can Claim Social Security Benefits Earned By Your Ex
Just because you’re divorced doesn’t mean you’ve lost the ability to get a Social Security benefit based on your former spouse’s earnings. You can receive a benefit based on his or her record instead of a benefit based on your own work record if you were married at least 10 years, you are 62 or older, and you are single.
Like a regular spousal benefit, you can get up to 50% of an ex-spouse’s benefit — less if you claim before full retirement age. And the beauty of it is that your ex never needs to know because you apply for the benefit directly through the Social Security Administration. Taking a benefit on your ex-spouse’s record has no effect on his or her benefit or the benefit of your ex’s new spouse. And unlike a regular spousal benefit, if your ex qualifies for benefits but has yet to apply, you can still start collecting Social Security based on the ex’s record, though you must have been divorced for at least two years.
Note: Ex-spouses can also take a survivor benefit if their ex died after the divorce, and, like any survivor benefit, it will be worth up to 100% of what the ex-spouse received. If you remarry after age 60, you are still eligible for the survivor benefit.
A claiming strategy if youre divorced: Exes at full retirement age who were born on January 1, 1954, or earlier can apply to restrict their application to a spousal benefit while letting their own benefit grow.
Theres A Social Security Spousal Benefit
Marriage brings couples an advantage when it comes to Social Security. One spouse can take what’s called a spousal benefit, worth up to 50% of the other spouse’s Social Security benefit. For example, if your monthly Social Security benefit is worth $2,000 but your spouse’s own benefit is only worth $500, your spouse can collect a spousal benefit worth $1,000 — bringing in $500 more in income per month.
Just as the benefit based on your own work history is reduced if you claim it early, the same is true for a spousal benefit. That 50% figure is the maximum amount that only a spouse who is at least full retirement age is eligible for. Taking the spousal benefit early at, say, age 62, reduces the amount to as little as 32.5% of the higher earners benefit. If you take your own benefit early and then later switch to a spousal benefit, your spousal benefit will still be reduced.
When Can You File For Social Security
The earliest when you can apply for Social Security benefits is at age 61 and nine months, and you can expect to receive your first payment four months laterthe month after your birthday. Typically, Social Security benefits are paid the month after they are due or must be specified. For example, the Social Security website states that an individual who wants their benefits to start in May will receive their first benefit check in June.
For example, if you turn 62 on Dec. 15, then your first full month of eligibility is January, and your payment for that month will arrive in February. If you have already reached age 62 and met all other eligibility criteria, then you may begin collecting benefits in the same month when you apply if you specify, although your first payment still would not arrive until the following month.
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When Will I Receive My Payments Each Month
If you sign up for direct deposit, your payment is automatically deposited into your bank account on the third from last banking day of each month, otherwise it will be sent to you by mail, usually during the last three banking days of each month.
If you are automatically enrolled for the OAS pension and if you currently receive a CPP benefit by direct deposit, we will deposit your OAS pension payments to the same account.
The Basics Of Social Security
First off, every eligible worker can begin receiving Social Security benefits at age 62, but you’ll get a reduced monthly payment if you don’t wait until you’re at full retirement age. Your monthly payment will depend a few things, including your income throughout your working years, how much you paid into the Social Security system and at what age you claim benefits. Benefits are adjusted yearly based on the cost of living.
Full retirement age depends on the year you were born:
- If you were born between 1943 and 1954, full retirement age is 66
- If you were born between 1955 and 1959, full retirement age is between 66 and 67, depending on your birth year
- If you were born after 1960, full retirement age is 67
The Social Security website provides a calculator to help individuals understand how much their benefit will be reduced if they collect early. For example, if you were born in 1960 and wanted to collect as soon as you hit age 62, you’d receive 70% of your full retirement age payout. But if you waited until age 64 you’d get 80% of the full benefit.
By delaying the receipt of your benefits past full retirement age, you’ll earn even more than the full benefit for every year after full retirement age and before you hit age 70, you’ll collect 8% more each year.
- If you’re full retirement age is 66, you can earn up to 132% of your full benefit by waiting until you’re 70
- If you’re full retirement age is 67, you can earn up to 124% of your full benefit by waiting until you’re 70
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The Cover Sheet Of The Favorable Decision Says That The Appeals Council May Review The Decision On Its Own Motion What Does This Mean
In a very small number of cases the Appeals Council in Falls Church, Virginia, will decide on its own to take away benefits awarded by the decision of the administrative law judge. If it is going to do this, the Appeals Council will almost always send you a notice within 60 days of the date of the judges decision. This is rare, so it is unlikely that the Appeals Council will do this in your case but if it happens you will have to work out with your attorney how to deal with it.