Throughout the United States, Social Security check payments follow the same schedule. For that reason, it is very easy to know the monthly schedule every month of the year. Thanks to this, all retirees can know the day on which the Social Security Administration sends out checks, something useful when it comes to having a good organization around the family economy.
But knowing the day we will receive our Social Security check is not the only thing that matters. In addition to this, receiving the largest possible amount in each payment from the Administration is fundamental, especially if we take into account the current times of inflation and price increases. Retirees have less and less purchasing power, and this is something that is taking its toll on American lands.
Because of this, we must keep in mind that whenever we can increase Social Security payments our mission is to do so. So you can check out this ultimate guide to increasing your Social Security retirement check to get the highest amount possible when it comes to your benefit. Have you planned for retirement yet?
Increasing your Social Security check
The first basic rule for increasing your Social Security check is that you should not have previously applied for it. While it is true that once we start collecting the benefit we can increase the monthly amount we receive, this task is very difficult. So, keeping in mind that the retirement plan must be made in advance, let’s see what are the three fundamental points to reach the maximum check of $4,558 per month.
Three aspects must be maximized. Those three aspects are:
- Retirement age. The minimum age to apply for the Social Security retirement benefit is 62. However, applying for check at this age will cause us to see a 30% discount on the amount contributed. So it is better to wait a little longer and apply for retirement at age 67. Nevertheless, to get the maximum check, it is mandatory to apply for Social Security at age 70. Otherwise, we will never be able to reach that figure.
- Years worked. The minimum number of years worked to start collecting Social Security is 10 years. But that doesn’t mean we’re going to have a good check, far from it. To reach a good figure, you have to work a minimum of 35 years. Each year not worked below that figure will cause our benefit to drop dramatically, as it will add $0 to the average amount of money contributed.
- Wages as a worker. Social Security checks are higher or lower depending on the taxes we pay as a worker. The higher the salary, the more taxes we will pay, which will result in a better benefit in retirement. Every retiree receives a monthly check from Social Security in his or her pension depending on his or her history as a worker.
It is not easy to increase all this to the maximum, but if we work 35 years with a high salary and wait until we are 70 to apply for retirement we will have a monthly pension of $4,558.
Receive all SSA payments immediately
Immediately cashing all checks from the Social Security Administration is possible. To accomplish this, all we have to do is choose a particular collection method. Currently there are two ways to receive pension payments, either SSI or retirement or disability pension.
The first of these methods is by deposit into a bank account. This method is efficient and has been in place for a very long time, but it can be slow at times. It can take up to 3 days for the money to become available. To avoid that, you can use Direct Deposit.
With Direct Deposit we get the reliability that any check paid by the Social Security Administration will be received at the exact time it is sent by the Social Security Administration. So if payments are made on March 8th, for example, the retiree with Direct Deposit will be able to get the money on that day.
When does Social Security send checks?
Each month, the Social Security Administration has a schedule for sending out the checks. In this regard, the retirement pension payment days are the second, third and fourth Wednesday of the month.
Every month follows the same pattern, so it is easy to finalize each new month on what day we will receive our check, especially if we have Direct Deposit activated. For the current month of March, payments are on the following days:
- Second Wednesday of the month. March 8th. This day is for retirees born between the 1st and 10th of the month.
- Third Wednesday of the month. 15th of March. Retirees with birthdays between the 11th and 20th of the month collect their check on this day.
- Fourth Wednesday of the month. March 22nd. Any pensioner with a birthday between the 21st and 31st will collect their Social Security benefit on this day.
In addition, the Administration also sends a different payment to a different group of retirees. This payment is Supplemental Security Income and has a different schedule than retirement or disability pensions.
Supplemental Security Income
The Supplemental Security Income payment is only for pensioners over age 65 or retirees who have a low standard of living. To consider low standard of living, Social Security checks both the source of income and the resources you have. We can use Best Tool to see if we can claim this check.
Social Security always sends these SSI payments on the 1st of each month, with minor exceptions. When the 1st of the month is a holiday or weekend, the Administration pays this check on the immediately preceding business day.