For many people, social security payments are an important aspect in maintaining their livelihood. As such, it's important to answer as many questions as possible about these payments to put your mind at rest for the year ahead.
The Social Security Administration recently released its calendar for social security payment dates for the year 2017. Importantly, the calendar will include different payment dates according to a range of factors, including the beneficiaries' birth dates, how long they typically collect benefits, and whether they receive any supplemental security income.
Understanding the Social Security Payment Schedule:
The most important thing to learn from the social security payment schedule is when you can expect to receive your monthly benefit. For most of the people who currently get social security benefits, there are three different types of payment dates which can depend on your date of birth. For instance:
– If your benefit falls on the first to the tenth of the month then your social security benefits should be paid on the second Wednesday of each month.
– If your birthday is on the eleventh through to the twentieth then your social security benefits will be paid on the third Wednesday of the month.
– If your birthday is on the 21st or up to the 31st then you should expect to receive your benefits on the fourth Wednesday of any given month.
One important fact to understand from this information is that because these payments won't necessarily fall on the same date each month, there will be some months in which the times between your payments may seem to be particularly long. For example, the time between the November and December payment will be a month and five days. It's important to take these facts into account when you are budgeting for your payment schedule.
Other Things to Consider With the Social Security Payment Schedule:
If you began receiving your social security benefits before May 1997, then the dates mentioned above will not apply to you. Instead, individuals who fit to these circumstances will be paid on the third of each month. However, if the third day of the month happens to fall on a Sunday or Saturday, then you should expect to receive your benefit the Friday before. For instance, September the third 2017 will be on a Sunday so this means you will be paid on the first of September instead!
The same schedule applies to individuals who receive both supplemental security income and social security retirement benefits. However, if you receive SSI but no other form of social security benefit then you will receive your monthly payment on the first day of each month. In the same way as the previous rules, if the first day of the month falls on a weekend day like Sunday or Saturday you will be paid the Friday before instead.
Although the dates surrounding when you will receive your social security payments can change from one year to the next, it's worth noting that the amount you receive is likely to be the same in 2017 as it was in 2016. The cost of living adjustment for 2017 is only 0.3% which means that you're unlikely to see any kind of increase in the amount you receive.