How Soon After Your Birthday Do You Get Your First Social Security Check
Payment Schedules This means that if you turn 62 on Dec.15, then your first payment will arrive on the third Wednesday of the following February. If your birthday is Dec. 15 and you are already over age 62, then your first payment should arrive on the third Wednesday of the month following the month when you apply.
When Will Your First Increased Social Security Check Arrive Depends On Your Birthday
Millions of Americas older adults will see a bump in the amount they receive in monthly Social Security benefits, starting in January.
The larger checks are part of a cost-of-living adjustment, or COLA, designed to offset inflation. Thanks to soaring inflation rates, the 2023 COLA raise is the largest in decades at 8.7%.
However, not everyone will see the new higher amount hit their bank accounts at the same time.
The Social Security Administration rolls out payments based on recipients birthdays.
If you were born between the 1st and 10th day of the month, youll receive your check on the second Wednesday of each month. If your birthday falls between the 11th and the 20th, youll receive it on the third Wednesday. Any other date and youll receive your check on the fourth Wednesday of the month.
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. Only the agency that authorized the payment can explain why you received 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.
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How Far Back Can You Collect Social Security
You may be entitled to monthly benefits retroactively for months before the month you filed an application for benefits. For example, full retirement age claims and survivor claims may be paid for up to six months retroactively. In certain cases, benefits involving disability up to 12 months may be paid retroactively.
What Happens If You Delay Past 70
If you don’t start your benefits once you reach 70, you can apply to receive up to six months’ worth of payments retroactively. But there’s no benefit in doing so. Delayed retirement credits stop once you reach 70, so you won’t get more money by holding out longer. Wait longer than six months and you’ve permanently forfeited those benefits you earned.
It’s important to note that your benefits won’t be affected if you’re still working, since you’re past full retirement age. In fact, working longer could even boost your future checks. Social Security calculates benefits based on your 35 highest-earning years. If you’re able to replace a lower-earning year with a higher-earning year, your benefit could increase since its calculated annually. But because you’ll be earning more money, more of your Social Security will be taxable.
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Earn More At Your Place Of Employment
Of course, you dont need this strategy to be your incentive for trying to increase your salary. But if you have some low-earning years in your 35-year work record , youll want to replace them with higher paying years. Or if you are thinking of working part time for several years, you may want to work full time for fewer years to have the higher income on your record.
When Will I See The Cola Increase In My Social Security Check
The COLA goes into effect with December 2022 benefits, which appear in checks sent out in January 2023.
Social Security payments are made on Wednesdays, following a rollout schedule based on the beneficiary’s birth date. So if you were born from the 1st through the 10th of the month, your benefits are paid on the second Wednesday of the month, or Jan. 11, 2023.
If your birthday falls between the 11th and 20th of the month, your checks are paid on the third Wednesday, and you’ll see your first COLA increase on your Jan. 18 check.
Those born between the 21st and the end of the month receive benefits on the fourth Wednesday, which starts with Jan. 25 in 2023.
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Here’s When To Expect Your Social Security Disability Insurance Payment For December
If you haven’t received your December SSDI payments yet, don’t worry: It’s on the way. Here’s when it should arrive.
The second of four Social Security Disability Insurance payments was disbursed by the Social Security Administration this week. If you’re expecting a payment but haven’t received it yet, don’t fret. When you get your money depends on two things: your date of birth and the year you first started receiving SSDI money.
SSDI follows a similar schedule to Social Security payments unless you’ve been getting SSDI checks for several decades. We’ll explain below. Also, don’t forget that the amount you receive will be more, starting January 2023, because of the cost of living adjustment.
Here’s when you’ll get your Social Security Disability Insurance payment in December. For more, here’s why Supplemental Security Income recipients will get their COLA increase in December.
How Do I Change Social Security To Direct Deposit
If you already receive Social Security benefits, you can start or update your direct deposit by visiting your online my Social Security account. Simply log in, navigate to your profile page, and input your direct deposit information. You can set this change to take effect immediately or at a specified later date. If you receive SSI benefits, don’t have a U.S. mailing address, or otherwise aren’t able to make this change online, you can contact your bank or call the Social Security Administration at 1-800-772-1213.
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Will Taking Social Security At Any Time Affect My Medicare
Though they are separate programs, there are some beneficial connections between them.
If you’re receiving Social Security benefits, Social Security works with Medicare and you’ll get an initial enrollment package from Medicare 3 months before the month of your 65th birthday.
Also, your Medicare premiums will most likely be collected by Social Security if you are already receiving those benefits. Social Security will send a notice before the deductions begin. If you arent receiving Social Security retirement benefits, you’ll get a monthly bill from Medicare.6
Medicare Enrollment Can Be Impacted By Social Security Benefits
Depending on your situation, you with either need to enroll in Medicare at age 65 or you may be able to delay. If you continue to work past age 65 and have creditable employer coverage , you can likely delay enrolling in Medicare until you lose that employer coverage. In most cases, people turning 65 will need to get Medicare during their 7-month Initial Enrollment Period to avoid financial penalties for enrolling late. Your IEP begins 3 months before the month of your 65th birthday and ends 3 months after.
Social Security benefits fit in the Medicare enrollment journey in one special way. If you are receiving either Social Security benefits for retirement or for disability, or Railroad Retirement Board benefits, you will be automatically enrolled in Medicare Part A and Part B when you first become eligible.
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Your First Chance To Sign Up
Generally, when you turn 65. This is called your Initial Enrollment Period. It lasts for 7 months, starting 3 months before you turn 65, and ending 3 months after the month you turn 65.
Avoid the penaltyIf you miss your 7-month Initial Enrollment Period, you may have to wait to sign up and pay a monthly late enrollment penalty for as long as you have Part B coverage. The penalty goes up the longer you wait. You may also have to pay a penalty if you have to pay a Part A premium, also called Premium-Part A.
What Is The Future Of Social Security
As of June 2022, the Social Security Trust Fund is projected to have enough resources to cover all promised benefits until 2035 when, absent a change from Congress, benefits would need to be cut for all current and future beneficiaries to about 80% of scheduled benefits.2 Over the longer term, changes to the full retirement age or means testingâwhich could reduce or eliminate benefits based on your other income sourcesâmay also be considered.
If you’re skeptical about the future of Social Security or wary of potential changes, you may be tempted to start benefits early, assuming that it’s better to have something than nothing. Regardless of your situation, if you are concerned about the future prospects for Social Security, then that’s a good reason to save moreâand earlierâfor your retirement.
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How Long Before My Birthday Should I Apply For Social Security
four monthsIf you were born on the first or second day of the month, you meet this requirement in the month of your 62nd birthday. If you were born on any other day of the month, you do not meet this requirement until the following month. You can apply up to four months before you want your retirement benefits to start.
Important Things To Know About Social Security Benefits
Now before we dive into how this may impact Medicare decisions, there are three things to keep in mind.
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Ask Larry: Which Month Will Get My Age 70 Social Security Retirement Benefit Rate
Economic Security Planning, Inc.
Today’s column addresses questions about exactly when to file to get the full age 70 benefit rate, whether income from the current year is counted when calculating benefit amounts and ways to ensure larger benefits for a surviving spouse. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc, which markets Maximize My Social Security and MaxiFi Planner.
Have Social Security questions of your own youd like answered? Ask Larry about Social Security here.
Which Month Will Get My Age 70 Social Security Retirement Benefit Rate?
Hi Larry, I will turn 70 in August but I have been claiming a spousal benefit for several years. I want to cancel the spousal and start my own retirement benefit. Assuming I start in August, will I receive credit for August at the new amount, to be paid in September? Or does the new rate start in September, to be paid in October? A person from SSA said the new rate starts in the month after I turn 70. I can’t find a document spelling that out. Thanks, Paul
Will Social Security Include My 2020 Salary In My 35 Years Of Highest Earnings?
Do I Have My Planning Correct?
What Is The Difference Between Retiring At 65 And 66
You might assume that 65 is your full retirement age for Social Security purposes because that’s when you’re first eligible for healthcare coverage under Medicare. But for people born between 1943 and 1954, full retirement age is 66. For those born between 1955 and 1959, it’s 66 and a certain number of months.
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What About Taxes On Social Security
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 taxâup 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.
If You Were Born Before January 2 1954
If you plan to delay claiming your own benefit until after you reach full retirement age, you may be eligible to claim spousal benefits before you claim your benefit at a later time. Read our article Get Paid While You Wait to Get Paid. If your spouse has claimed or is going to claim their own benefit before you claim your delayed benefit then you should consider filing a Restricted Application that makes you eligible for spousal benefits.
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Is Social Security A Freeing Experience
Receiving Social Security for the first time can be a freeing experience for some seniors as it often signals the official start of retirement. A number of seniors also rely on Social Security payments for basic household bills, making it all the more important to understand when payments begin. In general, American seniors become eligible …
When You May Want To Make Adjustments
Additional income may mean higher taxes.
Many retirees have a blend of income from Social Security benefits and other investments, typically 401 plans or individual retirement accounts.
Social Security beneficiaries with combined incomes above certain thresholds starting at $25,000 for individuals or $32,000 for couples may pay taxes on up to 85% of their benefits.
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Oftentimes, it makes sense to reduce the withdrawals from other taxable accounts and therefore reduce the amount of Social Security benefits that ends up being taxable, said Joe Elsasser, founder and president at Covisum, a Social Security claiming software company.
“Whenever you have a larger concentration of Social Security benefits relative to other income, you tend to have a much more tax efficient overall picture,” Elsasser said.
Alternatively, if your income has gone down, you may want to contact the Social Security Administration to see if your Medicare Part B premium can be reduced.
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Effect Of Delaying Retirement Benefits
1Represents Full Retirement Age based on DOB January 2, 1960
2PIA = The primary insurance amount is the basis for benefits that are paid to an individual
That higher baseline would last for the rest of your retirement and serve as the basis for future increases linked to inflation. While it’s important to consider your personal circumstancesâit’s not always possible to wait, particularly if you are in poor health or can’t afford to delayâthe benefits of waiting can be significant.
Be aware that if you decide to wait past age 65, you may still need to sign up for Medicare. In some circumstances your Medicare coverage may be delayed and cost more if you don’t sign up at age 65. If you start Social Security benefits early, you’ll automatically be enrolled into Medicare Parts A and B when you turn age 65.
Your annual Social Security statement will list your projected benefits between age 62 to 70, assuming you continue to work and earn about the same amount through those ages. If you need a copy of your annual statement, you can request one or view it online on the Social Security Administration portal.
Do You Get A Full Month Social Security On The Month Of Your Birthday
That’s because Social Security pays benefits a month behind, so your benefit for, say, June 2022 will arrive in July. 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.
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Ssdi Payment Schedule If You’ve Received Them Since 1997 Or Earlier
If you’ve been an SSDI recipient since 1997 or before, your payment should arrive on the third day of every month.
There are exceptions, however. If the third day of the month falls on a weekend or holiday, you’ll get your payment the business day before. For example, Sept. 3 fell on a Saturday this year, so beneficiaries received their payments on Friday, Sept. 2.
December will work the same way since Dec. 3 is also on a Saturday. So you should receive your check on .
When your check arrives depends on your birth date and the year you started receiving SSDI money.
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