When the Social Security Administration announces the day on which United States retirees, even if they live outside the United States, collect their benefit it is much easier to control expenses. It is very common for a senior to know the exact day on which they will pay their monthly expenses, but they can also know the day on which Social Security will send them a check.
This is a great financial advantage in many ways. It is a relief to retirees that they can know when they will collect their benefit, whether it is the first payment of the month or the last. The most important thing in these cases is to know directly what day we will get the check.
By knowing the day the Social Security Administration will send us the check, we will be able to organize our finances at home. Likewise, we can prepare for the next month’s payment by simply checking the month’s calendar. Fortunately, to avoid problems and confusion, the SSA announces a calendar every month. We can already know both November and December payments, as well as Supplemental Security Income payments.
As a summary of all of the above, another important thing to keep in mind is that payments do not automatically arrive in your bank account. In order to receive any Social Security payment the same day the SSA sends it, it is mandatory to have Direct Deposit activated. It can take up to 3 days for the money to appear in your bank. In this particular case, on the 16th of November, retirees born between the 11th and 20th of the month will receive their benefit, but it does not mean that they will receive their payment on the same day.
Maximize your Social Security pension
The next Social Security pension payment will be, as we have already mentioned, on the 16th of November. This is the third Wednesday of the month. If you are going to receive that benefit it will be impossible to increase its amount. Once you apply for retirement you cannot increase the money that SSA sends you. The only way is through the COLA, but it is automatic and only once a year.
The final Social Security benefit is calculated on the 35 years worked with the highest salary. Therefore, maximizing these two aspects is fundamental. In another sense, the retirement age is key because applying for the pension at 62 means losing approximately 30% of the monthly check. Therefore, waiting until 67 and applying for a Full Retirement Age may be the best idea.