Social Security Payment Schedule 2021

Other Income December 2020

Almost 57% of SSI recipients aged 65 or older received OASDI benefits, as did 28.2% of those aged 1864 and 6.3% of those under age 18. Other types of unearned income, such as income from assets, were reported most frequently among those under age 18 and those aged 65 or older . Earned income was most prevalent among those aged 1864.

Coronavirus Stimulus Checks And Social Security

On April 3, 2020, the federal government began sending eligible Americans stimulus checks as part of a relief package to help workers and the economy during the COVID-19 pandemic. Senior citizens and retirees who receive Social Security benefits are eligible for coronavirus stimulus checks as long as they meet the basic eligibility requirements.

The maximum stimulus payment is $1,200 for eligible adults who file separately and $2,400 for eligible married couples who file jointly. There is also an additional $500 payment per qualifying child.

In December 2020, an additional $600 stimulus check was sent out to every eligible adult and child.

Everyone who has a Social Security number and filed a tax return in the last two years generally qualified for both stimulus checks if their income falls within the governments limits. Income is based on your 2019 federal tax return.

However, if you receive Social Security benefits and dont usually need to file a tax return, dont worry you dont have to start now. You should still receive the stimulus payment, if you havent already the government will use the information on file with the Social Security Administration to send you your payment. You can expect to receive the stimulus check the same way you get your Social security payment.

Beneficiaries of Supplemental Security Income can now check the status of their payment on the IRS website.

Senior Editor & Disability Insurance Expert

How Much Does Early Retirement Reduce Social Security Amount

If you file for Social Security benefits at 62, it means that you are filing 60 months early.

This will permanently reduce your monthly benefit by 30 percent.

As an example, if you would have been entitled to $1,000 a month at full retirement age, you will get $700 if you start benefits when you turn 62.

Heres what the reduction would be in subsequent years.

• 25 percent at age 63
• 20 percent at age 64
• 13.3 percent at age 65
• 6.7 percent at age 66

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Social Security Schedule: When Youll Receive Payments For The Start Of 2022

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Social Security recipients will see larger checks starting January 2022 as a result of a 5.9% increase from the new cost of living adjustment.

This is not to be confused with the remaining payments in 2021, which will be paid as regularly scheduled and amounted payments with checks earlier in the year. This means that whatever you have been receiving throughout the year will continue to be the amount you receive in your benefit check for the remainder of the year.

The next scheduled Social Security payment in 2021 is Wednesday, Jan. 12 for those with birth dates between the 1st and 10th of the month.

Following payments will be onfor those whose birthdays are between the 11th and the 20th and then on for those whose birthdays are between the 21st and the 31st.

Social Security Income payments will be paid on Dec. 30 for all those who are eligible. Users can apply for social security benefits online now through the mySocialSecurity function. For the first time, users can log on and take care of almost most of their benefits needs entirely online. You can apply for benefits, but just as importantly, you can also check your benefits estimator as a prediction of how much your monthly benefit check will be.

How Cola Increases Evolved Over Time

Each year, the SSA announces any increases to Social Security benefits, known as COLA, to help recipients keep up with rising prices. The increases are tied to the Consumer Price Index for Urban Wage Earners and Clerical Workers , which is the official measure of the monthly price change in goods and services. Annually, the SSA compares the CPI-W for the third quarter of the previous year and current year to determine the COLA increase.

While COLA adjustments are now automatic, this was not always the case. Beneficiaries received their first COLA adjustment in October 1950. A second increase was made in September 1952 through legislation. For the next 20 years, recipients only saw their benefits increase if Congress approved it.

In 1972, Congress passed legislation to provide automatic increases linked to a rise in consumer prices. Recipients would no longer have to wait for Congress to take action to receive an increase. The first automatic increases to Social Security benefits took effect in 1975. After 1982, COLA adjustments were effective for December of each year and received by beneficiaries in January.

Here is a history of COLA increases from 1975 to 2021:

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Benefits Of Having Legal Representation

When applying for SSD benefits, knowledgeable and experienced legal representation can be invaluable. An attorney may be able to help by:

• Increasing the likelihood of first-round approval. An attorney can help you complete your application in a way that clearly demonstrates your disability, as well as gather helpful supporting documentation from your doctor. Also, if your disability is terminal, your attorney may be able to help you get expedited payment.
• Helping you get approval after an application is denied. If your original application is denied, an attorney may be able to help you pursue a favorable on the record decision by gathering additional medical information requested by the Social Security Administration , drafting a brief that clearly shows why your case meets the requirements for SSD benefits, and relaying the merits of your case to the Attorney Adjudicator.
• Representing you at an Administrative Law Judge hearing. If the SSA denies your OTR decision, your case will be sent before an ALJ for a hearing. An attorney can prepare you for questions you’ll be asked during the hearing and choose the right witnesses to help your case.

Note that an experienced disability attorney can also help you pursue Supplemental Security Income benefits.

No More Paper Checks For Social Security Benefits

Since 1935, the Social Security Administration has mailed paper checks to Social Security beneficiaries.

However, that ended in May 2011.

Thats because Congress passed a law that required all recipients of payments from federal benefits programs to sign up for electronic payments.

Since then, all new recipients of Social Security and Supplemental Security Income disability have been required to sign up for electronic payments.

In addition, existing recipients of Social Security and SSI had to comply with the new requirements by March 1, 2013.

As a result, the SSA no longer mail paper checks for Social Security benefits, including disability payments.

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Child Beneficiaries December 2020

About 2.9 million children under age 18 and students aged 1819 received OASDI benefits. Children of deceased workers had the highest average payments, in part because they are eligible to receive monthly benefits based on 75% of the worker’s PIA, compared with 50% for children of retired or disabled workers. Overall, the average monthly benefit amount for children was $653.

Important Information For Opening A Card Account

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IMPORTANT INFORMATION FOR OPENING A CARD ACCOUNT: To help the federal government fight the funding of terrorism and money laundering activities, the USA PATRIOT Act requires us to obtain, verify, and record information that identifies each person who opens a Card Account. WHAT THIS MEANS FOR YOU: When you open a Card Account, we will ask for your name, address, date of birth, and your government ID number. We may also ask to see your drivers license or other identifying information. Card activation and identity verification required before you can use the Card Account. If your identity is partially verified, full use of the Card Account will be restricted, but you may be able to use the Card for in-store purchase transactions. Restrictions include: no ATM withdrawals, international transactions, account-to-account transfers and additional loads. Use of Card Account also subject to fraud prevention restrictions at any time, with or without notice. Residents of Vermont are ineligible to open a Card Account.

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Are My Social Security Retirement Benefits Taxable

The answer depends on your income from other sources.

Generally, your Social Security benefits are not taxable if half of your benefits, plus all your other income, is less than $25,000 if you are single or $32,000 if you are married and file taxes jointly.

However, If half of your benefits, plus all of your other income, is more than $34,000 or $44,000 , then up to 85% of your benefits are subject to federal income tax.

Therefore, your income is above the threshold, then the percentage of taxable benefits varies between 0% and 85%.

Also, regardless of your income, you will never pay federal income tax on more than 85 percent of your Social Security benefits.

How Most Social Security Payment Dates Will Be Determined

In the new year, many Social Security recipients will receive their payments on a schedule determined by their date of birth. Since 1997, the Social Security Administration has used this staggered schedule because, as AARP notes, paying everyone on the third of the month became “unwieldy” as the number of beneficiaries grew.

Rep. Richard Neal speaks about ways to strengthen Social Security at a news conference in October 2021.

The Social Security Administration has released a calendar showing the exact payment dates in 2022, since the Social Security payment dates are changing slightly. If your birthday is between the first and tenth of your birth month, Social Security payments will go out on the second Wednesday of each month.

For those whose birthdays are between the 11th and 20th of the month, Social Security payments will be made on the third Wednesday of the month. And for those whose birthdays fall between the 21st and 31st of their birth month, Social Security payments will be given on the fourth Wednesday of the month in the new year.

Social Security payments affected an average of 65 million Americans per month in 2021.

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Basis For Eligibility And Age Of Recipients December 2020

Fourteen percent of SSI recipients received benefits on the basis of age and the rest qualified on the basis of disability. Twenty-nine percent of the recipients were aged 65 or older. In the SSI program, a disabled recipient is still classified as disabled after reaching age 65. In the OASDI program, DI beneficiaries are converted to the retirement program when they attain FRA.

How Much Are My 2022 Social Security Payments

The 2021 average monthly benefit for all retired workers was $1,565. A 5.9% increase will raise the average benefit to about $1,657, which is about $100 a month. For disabled workers who receive Social Security benefits, they can expect an average increase of $76 per month.

The average 2021 monthly benefit for SSI is $794 per month and is expected to increase to $841 for 2022, an increase of $47. About 3 million Americans who receive both Social Security and SSI benefits will also benefit from these changes.

SSA will notify those who receive Social Security benefits and SSI about their new benefit amounts by mail and online starting in December.

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Ssi Social Security Benefits Payment Schedule: December 2021

November 10, 2021 By Green Dot

There are a variety of methods for receiving your Supplemental Security Income monthly payments, but did you know that you can get those payments direct deposited onto your Green Dot card?

Customers with Green Dot prepaid cards may get their direct deposits faster. Heres the estimated Social Security SSI payment schedule calendar for Green Dot customers December 2021:

What Is The Full Social Security Retirement Age

Your full retirement age is the age at which you are eligible to receive 100% of your Social Security retirement benefit.

The full retirement age used to be 65 for those born in 1937 or earlier.

However, in 1983, Congress passed a law to increase the retirement age to 67 over a 22-year period .

The FRA will reach 67 for workers born in 1960 or later who become eligible for retirement benefits at age 62 in 2022 or later.

See the table below for the full retirement age based on your year of birth.

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Supplemental Security Income Payment Schedule

If you receive Supplemental Security Income , you will receive your payments on the 1st of each month.

The exception is when the 1st falls on a weekend or holiday.

If the first falls on a holiday, then you will receive your payment the business day before.

However, if the first falls on a weekend, youll receive your payment on the preceding Friday.

What If I Receive Both Social Security And Ssi

If you received Social Security benefits before May 1997, or if you receive both Social Security and SSI, the payment schedule is different. Instead, you’ll receive your Social Security payment on the third day of each month and your SSI on the first day of each month.

However, those payment dates change if the 1st or 3rd of the month falls on a weekend. For instance, April 3 fell on a Sunday this year so you would’ve received your Social Security payment two days early, on April 1.

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Understanding Social Security Payments

Social Security, officially known as the Old-Age, Survivors, and Disability Insurance program, provides monthly monetary benefits to qualified workers and their dependents . It’s considered an entitlement program, wherein employees, employers, and the self-employed finance these benefits with their Social Security taxes, which are then put into two Social Security trust funds. Eligibility and benefit amounts are based on an individual’s contributions to Social Security and work history ).

The SSA offers three types of Social Security benefits:

Age Of Disabled And Retired Workers 19602020

The average age of disabled-worker beneficiaries in current-payment status declined between 1960, when DI benefits first became available to persons younger than age 50, and 2020. In 1960, the average age of a disabled worker was 57.2 years. The rapid drop in average age in the following years reflects a growing number of awards to workers under 50. By 1995, the average age fell to a low of 49.8, but by 2020, it rose to 55.0. By contrast, the average age of retired workers has changed little over time, rising from 72.4 in 1960 to 74.0 in 2020.

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Social Security Payment Schedule For August Summary

Heres the bottom line:

If you receive Social Security retirement benefits or SSDI, then your benefits will be paid based on your birthdate.

SSI payments are issued on the first of every month.

For August 2022:

Social Security and SSDI payments will be made using the schedule below:

• on if your birth date falls on the 1st 10th day of the month.
• If your birth date falls on the 11th 20th day of the month, you will get your deposit on .
• Finally, if your birth date falls on the 21st 31st day of the month, your benefits will be paid on .

For SSI recipients: 1st, 2022 falls on a Monday, SSI payments for the month will be deposited on Monday, August 1st, 2022.

Both SS and SSI Recipients

Also, since August 3, 2022, is on a Wednesday, you will receive your benefits on Wednesday, August 3rd, 2022.

Can I Receive Social Security Benefits And Ssi At The Same Time

Yes, you may be able to receive SSI in addition to monthly Social Security benefits.

However, in order to be eligible, your Social Security benefits must be below a certain threshold to qualify.

Additionally, if you get SSI benefits, you also may be able to get other help from your state or county.

For example, you may be able to get Medicaid, food stamps, or some other social benefit program.

For information about all the services available in your community, call your local social services department or public welfare office.

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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.

Is Ssdi The Same Thing As Ssi

No. While both programs are run by the Social Security Administration, there are important differences between them.

SSI stands for Supplementary Security Income. It is a disability program available to people with disabilities who qualify for benefits based on financial need.

SSDI stands for Social Security Disability Insurance. It is a disability program based on your work history and earnings.

However, while SSI is needs-based, SSDI is an insurance-based program. Workers pay into the program through payroll taxes taken out of their paychecks.

The amount withheld from your paycheck for FICA goes to Social Security, and while most of that money is for retirement, 15 cents of every dollar goes into SSDI to compensate you if you become disabled from working.

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Receiving Social Security Payments

Social Security benefits are only paid out electronically you will not receive a Social Security check in the mail. You can either receive a direct deposit into your bank account or opt for a prepaid debit card. When you apply to receive your Social Security benefits, you will have the chance to provide your account number and the routing number of your bank or credit union.