Sunday, August 14, 2022

When Will I Receive My First Social Security Check

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Keep in mind that Social Security benefits may be taxable, depending on your “combined income.” Your combined income is equal to your adjusted gross income , plus non-taxable interest payments , plus half of your Social Security benefit.

As your combined income increases above a certain threshold , more of your benefit is subject to income tax, up to a maximum of 85%. For help, talk with a CPA or tax professional.

In any case, if you’re still working, you may want to postpone Social Security either until you reach your full retirement age or until your earned income is less than the annual limit. In no situation should you postpone benefits past age 70.

A Quick Note About Life Expectancy: According To The Social Security Administration Average Life Expectancy For A 65

Your spouse: If you are married, you can explore additional strategies to maximize the benefits you receive collectively. Start by taking your spouse’s age, health, and benefits into account, particularly if you’re the higher-earning spouse. The amount of survivor benefits for a lower-earning spouse could depend on the deceased, higher-earning spouse’s benefitthe bigger the higher-earning spouse’s benefit, the bigger the benefit for the surviving spouse.

Whether you’re still working. Earning a wage can reduce your benefit temporarily if you take Social Security early. If you’re still working and you haven’t reached your full retirement age, $1 in benefits will be deducted for every $2 you earn above the annual limit .

In the year you reach your full retirement age, the reduction falls to $1 in benefits deducted for every $3 you earn above a higher limit . However, starting the month you hit your full retirement age, your benefits are no longer reduced no matter how much you earn.

Again, any reduction in benefits due to the earnings test is only temporary. You receive the money back in the form of a recalculated higher benefit beginning at full retirement age, so don’t use the reduction as the sole reason to cut back on working or worrying about earning too much.

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.

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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.

How Do I Find Out When I Get My First Social Security Check

How long after receiving my first monthly check, will I get my Social ...

Your birthday generally determines your monthly payment schedule:

  • If the birthday is between the first and the 10th day of the month, the benefit payment arrives on the second Wednesday of each month.
  • If the birthday is between the 11th and the 20th, the payment comes on the third Wednesday of the month.
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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.

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    Bridge To Medicare At Age 65

    Remember that while you are eligible for reduced Social Security benefits at 62, you won’t be eligible for Medicare until age 65, so you will probably have to pay for private health insurance in the meantime. That can eat up a large chunk of your Social Security payments.

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    How Your Social Security Benefits Are Calculated

    Your Social Security benefits are based on the 35 calendar years in which your income was the highest. If you have fewer than 35 years of earnings, each year with no earnings will be entered as zero. You can increase your Social Security benefit at any time by replacing a zero or low-income year with a higher-income year.

    There is a maximum Social Security benefit amount you can receive, though it depends on the age you retire. For someone at full retirement age in 2021, the maximum monthly benefit is $3,113. For someone filing at age 70, the maximum monthly amount is $3,895.

    I Signed Up For Social Security When Will I Get My First Check

    Social Security: When do I take my check?

    Complete Question: I finally got all signed up to start my Social Security benefits for my 66th birthday, which is on February 5th, 2015. So when will I get my first check and how often will I get paid? I gave them my bank account information, does that mean it is direct deposited? I thought that was for income verification, but Im not sure.

    Answer: It sounds like you signed up for direct deposit. The Omnibus Consolidated Rescissions and Appropriations Act of 1996 required that all federal payments, including Social Security, would have to be completed through an electronic funds transfer therefore, no more paper checks. This went into effect on January 1, 1999. In some situations, such as people who do not have a bank account, the government will give you a debit card that is credited with your payments. Most people get their Social Security payments through direct deposit. If you get Social Security payments on a debit card, it is called a Direct Express Card.

    As for when you get your first payment , you will receive it one month after it is due. Therefore, if you are starting benefits as of your 66th birthday, then your first payment will be in March. Furthermore, payment dates are based on the day of your birth. People who were born between the 1st and 10th of the month receive their payment on the 2nd Wednesday of the month.

    C.J. Miles, MSA, MBAHCMResearch Analyst & Certified Social Security AdvisorAMAC Foundation

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    How Social Security Approval Works

    Approval Timeline

    When you retire, a lot of questions cross your mind. The first question you should ask is when to claim social security benefits. See our article on When to Claim Social Security Benefits.

    The next question after you decide to claim is: how long does it take to get my first social security check? It would be prudent to start by knowing how long it takes to apply for social security online. To your relief, the process will not take a lot of your time. Once your application is done and submitted, you will be wondering how long it takes to get social security approval.

    Typically, it takes 6 weeks to process your application and for the benefits to start. However, it will take longer if you submit incorrect information. Also, the duration for approval will depend on the number of submissions the Social Security Administration will be processing at the time. Overall, the wait time is at least six weeks or longer depending on a number of factors.

    Mandatory Information

    You will need your social security number, birth certificate, and supporting financial documents when you apply. Tax return evidence and W-2 forms are also required for self-employed applicants.

    For those not born in the USA, you should provide proof of citizenship. A certificate of citizenship or passport will be adequate. Also, marital information will be required.

    Luckily, all these documents are not required at once when you apply. The SSA will send you notifications when they are required.

    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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    Find Out Your Estimated Social Security Benefits

    Periodically checking your estimated Social Security benefits serves several purposes: It helps you plan for retirement and allows you to check for and correct errors.

    The Social Security Administration keeps a database of your earnings record and work credits, tracking both through your Social Security number. You can see this information on your Social Security Statement, which is available to everyone age 25 and over. The Social Security Statement also gives you an estimate of the benefits you’ll receive at retirement age, which can play an important role in your financial planning.

    Taking Social Security: How To Benefit By Waiting


    For those who are able to do so, it may make sense to wait even longer, because youll receive a larger monthly benefit even more than your full benefit. Every month past your full retirement that you delay, Social Security will increase your check by about 0.7 percent per month.

    If your full retirement age is 66, then heres how much your check would increase:

    Retirement ageNew benefit A $1,000 check becomes

    So if your full retirement age is 66, then if you can wait two more years and claim benefits at age 68, youll increase your monthly check by 16 percent. In this case, if your full benefit were $1,000 a month, your new benefit would become $1,160 per month. And youll still receive cost of living adjustments on top of this amount, typically raising your payout a little each year.

    Workers have other ways to grow their Social Security benefits, too, but its important to start early.

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    When Can You Expect Your First Social Security Payment

    When can you expect to get your first Social Security payment in retirement? The answer might surprise you.

    When are you entitled to your first Social Security retirement payment? Is it the month in which you turn 62?

    Surprisingly, the answer is no in most cases.

    Social Security will only pay you a benefit if you 1) Meet all the requirements for benefits and 2) Have lived throughout the entire month of eligibility.

    Lets say that you were born on November 4th, which means that you would first become eligible for benefits on your 62nd birthday. You would not be entitled to a November benefit, as you did not meet one of the eligibility requirements for the entire month of November. The first month of eligibility for you would be December, and you would receive that payment in January.

    Theres a little extra confusion for those born on the first day of the month. Social Security follow an old English law that says that you actually reach your age on the day before your birthday. Therefore if you were born November 1st, you would be viewed at turning age 62 on October 31st and would be eligible to receive a benefit payment for November. You would receive that payment in December.

    The date you would receive your Social Security payment will depend on your birth date.

    What Happens When You Get Approved For Social Security Disability

    If your application is approved , your first Social Security benefit will be paid for the sixth full month after the date we find that your disability began. For example, if your disability began on June 15, 2018, your first benefit would be paid for the month of December 2018, the sixth full month of disability .

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    Actions To Take For Other Reasons

    For any other reasons, there are a couple of steps you should make.

    Firstly, if you noticed that you havent received your Social Security check when youre normally slated to do so, try waiting a few extra days for it to arrive.

    If your check doesnt arrive by then, you might want to call the SSA or your local office and find out why.

    The number for the SSA is 1-800-772-1213 and can be reached 8 am through 7 pm during business days.

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    When Will I Receive My First Social Security Check

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    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

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    Types Of Back Payments

    Back payments are paid for the months between the date you applied for disability benefits and the date you were approved for benefits. Due to the number of people that are applying for disability benefits and the time it takes to process your application, there is usually a long delay between your disability application date and approval date. But note that, for Social Security Disability Insurance benefits, Social Security has a five-month waiting period, so you’re only eligible to receive back pay for any delay beyond the waiting period .

    Those who get SSDI back pay will also get payments for the months between when you became disabled and when you applied for Social Security Disability benefits. These are called retroactive benefits, because you can get them even before you applied. These are benefits that you would have received if you had applied for benefits earlier.

    When And How You Can Apply

    The earliest you can claim retirement benefits is age 62, although you can apply for benefits as soon as you are 61 years and 9 months old if you want the benefits to start no more than four months into the future. For survivor benefits, the rules are different, as typically you become eligible at 60.

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