In the United States, banks make monthly payments of Social Security benefits to all of their beneficiaries, including retirement, disability, and even those with low income (SSI).
These payments vary according to the month and in the case of July, there is a group of people who receive their payment in advance.
In order for them to receive the payments before the usual dates (2nd, 3rd and 4th Wednesday of each month), they must meet certain requirements. Do you want to know what they are? Here are the two common requirements for collecting Social Security advance payments: the year of retirement and activation of the correct collection method. Failure to meet these criteria can result in a delay in payment, which may exceed the usual time frame. Timing irregularities can contribute to these setbacks for retirees.
Retirement Date
The beneficiaries who receive their next Social Security payment early are those who retired before 1997. This group of people always receive their checks on the third day of the month. However, if this day falls on a weekend or holiday, the payment will be made on the preceding business day, as is the case in the month of June.
The collection method chosen determines on which day we can receive our benefit. To cash your Social Security check on the same day it is mailed by the Social Security Administration, you must choose Direct Deposit. If we do not choose this collection method we will have to wait about 2 to 3 days to get the benefit money.
Therefore, the next Social Security payment is available early for eligible retirees who have direct deposit enabled. However, those who do not meet these conditions or choose an alternative payment method can expect a delay of up to a few days beyond the usual time limit. Understanding the details of Social Security payments and making informed decisions can help retirees navigate the process smoothly.