Getting to know how your Social Security payment works could come in handy at some point in the future. For retirees and people who get money from programs run by the Social Security Administration (SSA), it is no secret that they need to know as much as possible about how much money they are entitled to receive and when it will arrive.
How does Social Security plan your Social Security payment?
It is important to know how the SSA figures out your Social Security payment schedule, and it is not just the online general annual payment schedule.
There is too much information in this tool for it to be easy to understand the first time you read it. Before you put dates on your calendar, it is helpful to know how the SSA figures out when to send you your payment.
The SSA’s process is simple, but it always takes into account the different qualities of its beneficiaries. The first step is to divide people who get aid into two groups based on when their benefits started, in May 1997.
For people who started getting benefits before that date, checks are sent out on the third of every month. What program do you belong to if you started working for the SSA after May 1997? That will be taken into account in the scheduling process. Every month on the first, people who get Supplemental Security Income (SSI) get their money.
Your Social Security payment is made on Wednesdays between the second and fourth weeks of the month, depending on your birth date, if you are not enrolled in any other program. This program is mostly made up of OASDI, which stands for Old Age, Survivors, and Disability Insurance. This is how it will work:
- Second Wednesday: The Social Security Payment if your birth date is between the 1st and 10th.
- Third Wednesday: When the birth date is between the 11th and 20th.
- Fourth Wednesday: It will apply for the rest of the dates (21st to 21st).
When is your Social Security payment expected to arrive?
Members of the SSA want to know when they can expect to get their Social Security checks. One payment is set to happen on Wednesday, August 18 of the following week. However, our old rules say that only people who started getting SSA benefits after May 1997 and were born between the eleventh and twentieth month will be eligible for the OASDI.
How big can this Social Security payment be for you?
Because each case is different and each program is different, we can not promise you an exact amount, even though this is one of the most important things you will need to know. We can give you a rough idea of how much your Social Security check will be, though, by showing you the average amounts paid in October:
- Old Age: $1,876.95
- Survivors: $1,508.29
- Disability Insurance: $1,404.51
- SSI: $698.35
If you don’t receive one Social Security payment, how do you get it?
To get your Social Security and SSI payments as quickly as possible, you should learn about the requirements for each program and apply as soon as possible. Here, we can give you some general information about those requirements based on the program:
Based on the SSA contributions:
- Retirement: To become a retiree, you must contribute to the SSA for at least 10 years on Social Security taxes and achieve the minimum retirement age of 62.
- Survivor: As it is a pension for the dependents of a deceased worker, the worker should have to contribute to the SSA before the casualty.
- Disability Insurance: You must have contributed at least 5 years in the past 10 years and have a medical certification of your condition as disabled or blind.
Based on your financial status:
- SSI: You must receive less than $1,971 monthly and have less than $2,000 in assets.