One of the most difficult decisions for a United States citizen is the timing of retirement. Applying for a Social Security check at 62 is not the same as applying at 67, as well as applying at 70. Each age has its advantages and disadvantages, but worst of all, it is not the last decision we have to make.
In addition to deciding when we want to start receiving a Social Security check, we also have to choose where we want it. Although this option is available to all retirees, it’s true that not everyone plans to move when their golden years arrive. Each situation is totally individual, so we have to think it through very carefully.
To this we have to add that several United States states can make the Social Security check smaller. Because of this, millions of retirees may not have enough money to pay their monthly bills. Therefore, we must watch out when we move to a new state if we want to keep the money in our check without losing it at any time.
Why is there a reduction in the Social Security check in some places?
The answer is quite simple: taxes. Because of taxes, thousands of United States citizens avoid living in some States with every intention. Getting a good Social Security check is not an easy task, so it bothers you that in the end you will get a bigger tax break for just living in a particular state.
These are the States where we will have to pay State taxes that will cause our check to see a reduction in the amount:
- Colorado
- Connecticut
- Kansas
- Minnesota
- Missouri
- Montana
- Nebraska
- New Mexico
- Rhode Island
- Utah
- Vermont
- West Virginia
However, keep in mind that these state taxes on the Social Security check are not for all taxpayers. In order to have the obligation to pay these taxes we need to have a minimum amount of income during the year. Still, we need to be vigilant so we don’t lose money from our check in state taxes.
When does the SSA send the next pensions?
The Social Security Administration always sends pensions on the second, third and fourth Wednesday of the month. This means that the next benefit will be on the 15th of March 2023. For this benefit, only retirees born between the 11th and 20th of the month will be able to receive their check. As long as they have Direct Deposit activated, they will receive their check on the same day.
In addition to this, it is also important to remember that there is a third check from Social Security on March 22nd. This last payment will be for pensioners with birthdays between the 21st and 31st of the month. After this payment, we will have to wait until April to see a new retirement-related benefit.