Each month of the year, the Social Security Administration sends new Supplemental Security Income checks to United States citizens who are eligible for this benefit. Not all Americans have access to this Social Security payment, as Supplemental Security Income is a special type of benefit.
In order to receive a new Supplemental Security Income payment each month, it is necessary to meet certain minimum requirements. At the end of the day, this benefit is designed for Americans with less purchasing power. For that reason, when Social Security agrees to send one of these monthly checks, it is to improve the quality of life of the citizen.
Although the Social Security Administration sends out checks on the same day each month, with some exceptions, each beneficiary may receive Supplemental Security Income on different days. This is because the method of collection chosen greatly changes the timing of receipt of the money.
Thus, choosing a particular collection method may result in receiving the money on the same day. On the other hand, not choosing this method can cause the Supplemental Security Income to take much longer to arrive. For citizens who want to have this benefit as soon as possible, it is important to consider the method of payment.
The best collection method to receive Supplemental Security Income
When it comes to receiving any of the payments from the Social Security Administration, the method of collection is critical to expedite the process. In this regard, there are two possible collection methods available. Each of these methods is very useful and efficient, but one is faster than the other. Let’s take a look at the two different collection methods for receiving Supplemental Security Income.
Bank Account Transfer
The most common way to receive any Social Security payment is by bank account transfer. This classic method is very useful because it is efficient, but it can sometimes be a little slow.
From the time the Social Security Administration sends the Supplemental Security Income, it can take up to 3 days for the check to appear. This does not mean it always takes 3 days to show up, but the average wait is that long.
Direct Deposit to receive Supplemental Security Income
SSI or other benefit payments appear automatically with Direct Deposit. This collection method, which is also used to receive payments such as IRS Tax Refund, is really fast.
Unlike a traditional wire transfer, with Direct Deposit you will receive your Supplemental Security Income money immediately. We will not have to wait even one day to have the money available for any type of benefit.
When will I receive my benefit in May 2023?
The Supplemental Security Income benefit will arrive on the 1st of May 2023 to beneficiaries with Direct Deposit. As we have already mentioned, if we do not have this method of payment activated, it could take up to 3 days for the money to appear in our pockets.
The rest of the Social Security benefits will reach beneficiaries throughout the month of May. If you have an age or disability retirement benefit, you will have the money available on the second, third or fourth Wednesday of the month. To this we must also add the 3rd of May. The day of collection will depend on some personal information.
Complete Social Security Schedule for May 2023
Social Security payments in the month of May 2023 will arrive on 4 different days. Retirees could receive their check on one of these days depending on certain requirements. In order to receive payment on the first of these days, which is May 3rd, it is mandatory to have applied for the benefit prior to 1997.
This 3rd day payment is the first payment sent by Social Security immediately following the Supplemental Security Income. The Administration will then send the rest of the payment on the following Wednesdays of the month.
Thus, the payment days in May will be the 10th, 17th, and 24th. The first of these days is the payment for retirees born between the 1st and the 10th. The second day is for beneficiaries with birthdays between the 11th and 20th. Finally, the third of these days is for beneficiaries with birthdays between the 21st and 31st of the month.