No More Paper Checks For Social Security Benefits
Since 1935, the Social Security Administration has mailed paper checks to Social Security beneficiaries.
However, that ended in May 2011.
Thats because Congress passed a law that required all recipients of payments from federal benefits programs to sign up for electronic payments.
Since then, all new recipients of Social Security and Supplemental Security Income disability have been required to sign up for electronic payments.
In addition, existing recipients of Social Security and SSI had to comply with the new requirements by March 1, 2013.
As a result, the SSA no longer mail paper checks for Social Security benefits, including disability payments.
Supplemental Security Income Payment Schedule
If you receive Supplemental Security Income , you will receive your payments on the 1st of each month.
The exception is when the 1st falls on a weekend or holiday.
If the first falls on a holiday, then you will receive your payment the business day before.
However, if the first falls on a weekend, youll receive your payment on the preceding Friday.
Why Is The Cola Forecast For 2021 So Low
The average COLA over the decade has been a 1.52 percent increase, with the largest being the 2.8 percent rise that went into effect in January 2019.
However, not all years saw a COLA increase.
For example, there were no COLA increases starting in January 2011 or January 2016.
One reason a small COLA is expected for 2021 is that inflation has been low.
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When Should I Expect My Social Security Stimulus Check
Adults who started receiving their monthly Social Security or SSI payment on or after January 1, 2020 should receive their $1,200 EIP from the IRS on or by November 6, 2020 without taking action with the IRS. Other adult federal benefit recipients must act by November 21st to get their $1,200 EIP this year.
Lost Or Stolen Federal Payments
Report your lost, missing, or stolen federal check to the agency that issued the payment. It’s usually one of these paying agencies. If your documentation indicates it’s a different agency, and you need its contact information, look in the A-Z Index of U.S. Government Departments and Agencies.
To get an update on your claim, contact the Treasury Department Philadelphia Financial Center at 1-855-868-0151, option 1.
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What Is The Social Security Payment Schedule For 2020
In 2020, you will receive payments on the following schedule: January 8 February 12 March 11 April 8 May 13 June 10 July 8 August 12 September 9 October 14 November 10 and December 9. If you were born between the 11th and 20th of the month, you will receive benefits on the third Wednesday of each month.
Social Security Payment Schedule 202: What Dates To Watch Out For
Social Security payments for next year are going to be a little larger than this years a total of 5.9% more, thanks to the largest cost-of-living adjustment increase in almost four decades. Surging inflation and unrelenting supply chain pressures have forced the Social Security Administrations hand in increasing benefits for seniors by an average of around $100 a month.
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Biggest Social Security Mistake
For most Americans, Social Security is their biggest retirement asset, but many don’t understand how it works. And it’s easy to make mistakes, said Laurence Kotlikoff, an economics professor at Boston University whose new book “Money Magic” which gives detailed advice on Social Security comes out early January.
The biggest mistake that people make? Claiming the benefit before they turn 70, when their monthly payments would hit their maximum, Kotlikoff noted.
Claiming Social Security benefits before you reach your full retirement age , reduces the annual payment you receive by about 7%.
But for each year you wait to claim beyond your full retirement age, your Social Security benefit rises as much as 8% per year. There are very few investments that earn that type of annual return, experts note.
“Only 6% wait until they are 70, and 80% should,” Kotlikoff said.
And with more baby boomers retiring early due to the pandemic, many might be tempted to claim Social Security benefits as soon as they can, which is age 62. But putting off claiming the benefit becomes increasingly important when inflation is high.
“You want a bigger share of your benefits protected against inflation, and that is what happens if you wait,” Kotlikoff advised.
Social Security And Ssi Benefit Amounts
The new SSI federal base amount is $794 per month for an individual and $1,191 per month for a couple. The SSI payment amounts are higher in states that pay a supplementary SSI payment.
While exact Social Security retirement and disability benefit amounts depend on the lifetime earnings of the recipient, here are the average benefit amounts anticipated for 2021:
- average retirement benefit: $1,543
- average disability benefit: $1,277
- average widow’s or widower’s benefit: $1,453 .
The maximum Social Security retirement benefit that can be collected at full retirement age is $3,148 per month in 2021, though few people are able to collect this amount.
Note that, for some Social Security recipients, the small 1.3% increase may be partially offset by increases in Medicare Part B premiums, particularly for retirees with high income. But because Medicare premiums are anticipated to increase significantly due to COVID-19 costs, Congress has voted to cap increases to Medicare premiums this year. As a result, the Part B premium is expected to increase only by an estimated $4 per month.
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Please Answer A Few Questions To Help Us Determine Your Eligibility
Are you wondering when you’ll receive your Social Security check each month? The date you receive your monthly disability payments depends on whether you’re receiving SSI or SSDI, or a combination of the two. If you’re receiving SSDI alone, your payment date depends on your birthday. If you get SSI, your payment date is around the beginning of the month.
Ssdi Disability Payment Dates
If you started receiving SSDI benefits after 1997, the date you receive your payment depends on your birthday.
- If your birthday is on the 1st10th of a month, your SSDI checks or direct deposit will arrive on the second Wednesday of every month.
- If your birthday is on the 11th20th of a month, your SSDI checks or direct deposit will arrive on the third Wednesday of every month.
- If your birthday is on the 21st31st of a month, your SSDI checks or direct deposit will arrive on the fourth Wednesday of every month.
If you receive benefits based on your spouse’s work record or a parent’s word record, the payment date is based on your spouse’s or parent’s birth date.
Keep in mind that Social Security now wants all SSDI recipients to sign up to receive their payments through direct deposit, the Direct Express® card program, or through an Electronic Transfer Account.
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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.
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.
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 2021, to pin down the exact dates in 2021 depending on your circumstances.
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 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, cash back at the grocery store, or to set up automatic payment of your monthly bills.
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.
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How Payments Are Paid
There are two primary ways to receive your Social Security benefit checks:
To set up a direct deposit you have three options:
- Configure through My profile tab in your online Social Security account
- Ask your bank to do it
If you choose to receive through a Direct Express debit card, your benefits will be placed directly onto the card. From there, you can withdraw cash, make purchases or pay bills. To sign up, call Direct Express at 800-333-1795.
Social Security Payment Schedule: The Dates You Need To Know In 2022
The payments are 5.9 percent larger than in 2021
- Stimulus Checks 2022.SS beneficiaries could receive a $1,400 payment This will be the fourth stimulus check
The Social Security Administration have recently announced the schedule for the Social Security payments in 2022, and these payments are set to be 5.9 percent larger than in 2021 as they take into account the cost-of-living-adjustment , which is the largest cost-of-living adjustment increase in just under 40 years.
If your birth date falls between the 1st and the 10th of the month, you can expect to receive your benefits on the second Wednesday of each month.
If your birth date falls between the 11th and the 20th of the month, you can expect to receive your benefits on the third Wednesday of each month.
If your birth date falls between the 21st and the 31st of the month, you can expect to receive your benefits on the fourth Wednesday of each month.
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Can I Change The Date I Receive My Social Security Benefits
Unfortunately, you cannot change the date your Social Security benefits are paid.
As explained above:
- If are currently getting or applied for Social Security benefits on or before April 30, 1997, or
- If you receive both Social Security and Supplemental Security Income , you will receive your benefit on the third of the month.
However, If you receive only SSI, you will receive your benefit on the first of the month.
If you applied for Social Security benefits after April 30, 1997, the birthday of the person whose record you receive benefits under determines your payment date as follows:
If the Date of birth is between the 1st through 10th, then the benefit payment will be on the Second Wednesday of the month.
Also, if the Date of birth is between the 11th through 20th, the benefit payment will be on the Third Wednesday of the month.
Finally, if the Date of birth is between the 21st through 31st of the month, the benefit payment will be on the Fourth Wednesday of the month.
Fact #: Social Security Provides A Foundation Of Retirement Protection For Nearly Every American And Its Benefits Are Not Means
97% of the elderly either receive Social Security or will receive it.
Almost all workers participate in Social Security by making payroll tax contributions, and almost all elderly Americans receive Social Security benefits. In fact, 97 percent of the elderly either receive Social Security or will receive it, according to Social Security Administration estimates. The near-universality of Social Security brings many important advantages.
Social Security provides a foundation of retirement protection for people at all earnings levels. It encourages private pensions and personal saving because it isnt means-tested in other words, it doesnt reduce or deny benefits to people whose income or assets exceed a certain level. Social Security provides a higher annual payout than private retirement annuities per dollar contributed because its risk pool is not limited to those who expect to live a long time, no funds leak out in lump-sum payments or bequests, and its administrative costs are much lower.
Indeed, universal participation and the absence of means-testing make Social Security very efficient to administer. Administrative costs amount to only 0.6 percent of annual benefits, far below the percentages for private retirement annuities. Means-testing Social Security would impose significant reporting and processing burdens on both recipients and administrators, undercutting many of those advantages while yielding little savings.
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If You’re Not Sure Why You Received A Payment
If you receive a check or direct deposit payment from the Treasury Department and do not know what its for, contact the regional financial center that issued it.
If you received a check, look for the RFCs city and state at the top center. Then contact that RFC to find out which federal agency authorized the payment. It will be one of these:
If you received payment byelectronic funds transfer , or direct deposit, follow the directions under Find Information About a Payment.
Use the Treasury Check Verification System to verify that the check is legitimate and issued by the government.
What If My Payment Doesn’t Come
Contact the Social Security Administration at 1-800-772-1213 or find a Social Security office near you if your direct deposit or debit card funds aren’t made on time. The SSA asks that you wait three days before reaching out to them, however.
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.
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When Are Monthly Payments Direct Deposited
Benefit payments are determined by your birth date. For those with birthdays between the 1st and 10th, payments will be made on the second Wednesday of every month. If your birth date is between the 11th and 20th, payment is made on the third Wednesday. For those born between the 21st and 31st, payments are made on the fourth Wednesday.
Cola Social Security 2022 February Dates For Ssi Recipients As Next Automatic Checks Sent In 11 Days
- 20:01 ET, Jan 30 2022
COLA social security recipients can expect the first automatic checks to be sent out in 11 days.
The money will, no doubt, be very welcome as the latest figures show inflation is now at 7 per cent and expected to climb higher in the coming months.
Social Security checks have seen a boost because of the 5.9 percent cost-of-living adjustment increase which came into force on January 1.
It was the biggest COLA rise in around 40 years, and means checks will see a $92 increase on average, from $1,565 to $1,657.
It comes as families with children can automatically get monthly Supplemental Security Income payments worth $687 on average.
Around five million people received SSI checks last month as the program is designed to help seniors as well as disabled adults and children.
Benefits, worth $687 on average, are also available to disabled kids in low-income households so parents can cover their medical costs.
Read our COLA 2022 increase live blog for the latest news and updates…
- H. J. Hayes
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Social Security Checks Going Up By 59 Percent The Highest Increase In Decades
WASHINGTON The Social Security Administration announced Wednesday that recipients will receive a nearly 6 percent increase in benefits next year.
The boost in benefits, which will affect nearly 70 million people, is being fueled by a spike in inflation caused by supply chain bottlenecks, worker shortages and other economic disruptions from the Covid pandemic.
The larger checks will begin to arrive for most recipients in January.
At the end of December, about 8 million recipients of Social Securitys Supplemental Security Income program, which is for people who are disabled or receive little income, will start to receive increased payments.
Rising inflation contributed to the Social Security Administration determining that the cost-of-living adjustment, or COLA, will be 5.9 percent for 2022. Data released Wednesday by the Bureau of Labor Statistics showed that prices rose by 5.4 percent on an annualized basis in September and the inflation rate rose a seasonally adjusted 0.4 percent in September from August.
Some other adjustments that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax will increase to $147,000 from $142,800, the Social Security Administration announced Wednesday.
The government said that beneficiaries will receive a notice in December about their increased payments.
Are Social Security Benefits Increasing In 2020
The latest COLA is 1.3 percent for Social Security benefits and SSI payments. Social Security benefits will increase by 1.3 percent beginning with the December 2020 benefits, which are payable in January 2021. Federal SSI payment levels will also increase by 1.3 percent effective for payments made for January 2021.
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