Social Security Payment Schedule
Your Social Security payment depends primarily on your birthdate unless you qualify for one of the exceptions. In addition, the Social Security Administration made some important changes to the 2022 Social Security benefits that may impact you, including cost-of-living adjustments, your retirement age and your taxable earnings.
According to the Social Security Administration, 176 million people have paid Social Security taxes as of June 2021, and nearly 65 million people receive monthly benefits. Social Security benefits play a big role in retirement planning, with most payment recipients being retirees and their families. Recipients also include people with qualifying disabilities, survivors — including divorced spouses of workers who have died on the job — and dependents of beneficiaries.
Originally, Social Security benefits were paid on the first Thursday of every month, but anyone who started receiving benefits after June 1997 receives them based on their date of birth. Currently, you will receive retirement or disability benefits on the second, third, or fourth Wednesday of each month, depending on the day you were born. But that could change based on a few other criteria.
When Will I Receive My Social Security Check This Month?
The date you receive your Social Security check each month depends largely on when you were born.
Here’s how Social Security payments work for most recipients.
- 1st through the 10th, then you will receive your check on the second Wednesday of every month.
- 11th through the 20th, then you will receive your check on the third Wednesday of every month.
- 21st through 31st, then you will receive your check on the fourth Wednesday of every month.
Are There Any Exceptions to the Social Security Payment Schedule?
While most receive payments based on the schedule above, there are a few exceptions.
If you collect both Social Security and Supplemental Security Income, then you will receive SSI on the 1st of the month and Social Security by the 3rd.
Some other exceptions include if your Medicare premiums are paid for by the state or if you started receiving benefits prior to May 1, 1997. In either situation, you will receive payment by the 3rd of every month.
If your payment date falls on a weekend, then you will receive payment the Friday before.
- Cuba or North Korea, then you cannot receive payments per a Treasure Department sanction, but you can recoup payments once you move elsewhere.
- Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, and Uzbekistan, then you can receive payments, but you must appear in-person at a U.S. embassy or consulate every six months.
- Any other country, then you will receive payments by the 3rd of every month, or the Friday before if it falls on a weekend.
Per the Social Security Administration, you are not considered to be living abroad if you reside in any of the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, the Mariana Islands and American Samoa. If that is the case, you will receive your payment based on your date of birth.
When Should I Expect My First Social Security Payment?
Social Security pays benefits the month after they are due. Think of this in terms of working a job where you get paid monthly. In that scenario, you would receive payments for work done you completed in April in May. The same concept applies, so if you are first eligible to receive payments in January, you would receive your first payment in February.
How Will I Receive My Social Security Payment?
Aside from few exceptions, Social Security payments are all made electronically.
You will receive payments either through a direct deposit made directly to your bank account or through a Direct Express debit card. The debit card works anywhere that accepts Debit Mastercard and can be used to get cash at ATMs and grocery stores.
What Updates Were Made to Social Security in 2022?
Several key changes were made to Social Security this year, which may impact your benefits.
- Retirement Age
- The age at which you become eligible for full retirement, and thus Social Security benefits, has increased. So, if you turn 62 in 2022, then your full retirement age has changed to 67. If you are 62 and started claiming benefits this year, then your monthly benefit is reduced by 30% of your full retirement age benefit.
- Cost of Living Adjustments
- Social Security is now paying a 5.9% increase to retirement, disability, and/or survivor benefits to account for cost-of-living adjustments (COLA), which marks the largest adjustment in 39 years.
- Taxable Earnings
- The maximum amount of earnings subject to Social Security tax increased to $147,000. The earnings limit was increased to $51,960 for workers who will reach their full retirement age in 2022. The earnings limit for workers who will not reach their retirement age in 2022 increased to $19,560.
- Supplemental Security Income (SSI)
- Recipients will not receive payments in January, May or October and will instead receive double payments in April, September and December. This is due to the 1st of the month falling on a weekend; therefore, payments will be made during the preceding month.
Payment schedules were not changed during this year’s Social Security updates.
5 Cited Research Articles
- Hager, T. (2022, Jan. 10). Social Security And Medicare Benefit Changes For 2022 And Beyond. Retrieved from https://www.forbes.com/sites/tomhager/2022/01/10/social-security-and-medicare-benefit-changes-for-2022-and-beyond
- AARP. (2021, Sept. 17). Can I collect Social Security if I live outside the U.S.? Retrieved from https://www.aarp.org/retirement/social-security/questions-answers/collecting-social-security-abroad/
- Bogle, D. (2019, June 6). What Day of the Month Do I get my Social Security Payment? Retrieved from https://blog.ssa.gov/what-day-of-the-month-do-i-get-my-social-security-payment/
- Social Security Administration. (n.d.). Understanding the Benefits. Retrieved from https://www.ssa.gov/pubs/EN-05-10024.pdf
- Social Security Administration. (n.d.). Schedule of Social Security Benefit Payments 2022. Retrieved from https://www.ssa.gov/pubs/EN-05-10031-2022.pdf