Knowing the schedule of Social Security payments is essential for retirees in the United States. Thanks to knowing all the information related to retirement checks, pensioners can better organize all their monthly financial expenses. It is really a great advantage to always keep this monthly payment schedule in mind.
The checks from the Social Security Administration are always sent on the second, third and fourth Wednesday of the month. And knowing on which of these days our benefit is due is really easy. Just check the payment schedule to see exactly when the Administration will send you your monthly check.
The next payment will arrive in just one week. While it is true that the Social Security Administration will send this check in only 6 days, it is possible that many retirees will not receive it. There may be two reasons for this. The first is because the retiree does not have the faster collection method activated. The other is because the retiree does not belong to that group, but to a different one.
Who gets the next Social Security check?
The group of retirees who could receive a Social Security check on the next Administration payday is those born between the 1st and 10th of the month. This group of retirees must have previously authorized the benefit, otherwise they would have to wait a little longer. The collection day is March 8th, the second Wednesday of the month.
In addition to this, it is also necessary for the retiree to have the Direct Deposit collection method activated if the retiree wants to get the benefit as soon as possible. This method of collection is fast and efficient, as the cheque arrives immediately in the pensioner’s pocket without having to wait a minute. If we cashed the benefit through a bank account, we would have to wait up to 3 days.
How to increase the retirement check?
The retirement check has a maximum of $4,558 in 2023. To reach this maximum it is necessary to have a good retirement plan in place. If we want a large Social Security check we should:
- Delay retirement age. This is essential to obtain a large amount. Applying for retirement at 62 means having 30% less of the money contributed. That is why it is better to wait until the age of 70, since this will considerably increase the monthly amount.
- Having a good salary as a worker. The years as a worker are key to have a good Social Security check. The higher the salary, the higher the retirement benefit.
- Work for many years. The minimum number of years to work is 10 years. After that, we can apply for a benefit. However, this can be a bad idea. We must work a minimum of 35 years if we don’t want our Social Security check to be too small.
If you follow these tips, you can have a good check from the government and enjoy a good retirement during the years you collect Social Security.