The Social Security Administration will send the new check to millions of United States retirees. This check, which can be up to $4,555 per month, will reach Americans’ pockets today. However, this payment is not for all retirees, as it is mandatory to meet certain requirements to obtain it.
In addition to this, we must also be clear that even if we meet the requirements, receiving the check today depends on another factor. In total, we have to meet three fundamental requirements if our intention is to get our monthly Social Security check today. And it doesn’t matter if the benefit we have is for disability, retirement or any other reason.
What is important in this case is both the date of retirement and the day of the birthday. These two elements will shape the day on which we will collect our Social Security benefit each month. In addition to that, the method of collection will have a lot of influence on the time of the month when we have our money available.
Which group of retirees collect the next Social Security benefit?
Within Social Security retirees there are two large groups of retirees. The first of these groups always receives their retirement benefit on the 3rd day of the month, with some exceptions. When that day is a weekend or holiday, the check is sent by the Administration on the immediately preceding business day. This may be the 2nd of the same month or the 1st, depending on the situation.
The second group that receives a Social Security benefit is those who have applied for a retirement check after 1997. But this group, in turn, has a subdivision of three different groups. In this regard, in order to determine who gets the next payment, it is not only necessary to know the date of retirement. In addition to that, it is also mandatory to be born between some specific days.
These are the May collection days for retirees after 1997
Each group receives its money on a different day.
- 10th of May. The next of the payments, that is, today. Retirees who receive this Social Security benefit are those born between the 1st and 10th of the month.
- 17th of May. The second group within the second group of retirees. To receive this payment, it is mandatory to have applied for the benefit after 1997 and to have reached their birthday between the 11th and 20th of the month.
- 24th of May. Last group of retirees to receive a Social Security benefit. The requirement to receive a check on this day is to have been born between the 21st and 31st of the month.
Remember that these are the days when the Social Security Administration sends out checks. Whether you receive it earlier or later will depend on the collection method you choose.
What is the fastest way to receive my retirement check?
There are two methods for collecting Social Security benefits. The first of these methods is the most common, but it is a little slower than the other. Still, find out what the two are and choose the one you like best:
- Traditional bank account deposit. The Administration will send the money on the 3rd, 10th, 17th or 24th of May depending on the conditions of the retiree. But that does not mean that the beneficiary will receive the benefit on that day. It can take up to 3 days for the money to appear in the bank account. Therefore, this method is a bit slow, although it is efficient and safe.
- Direct Deposit. Forget about late payments with this way of receiving Social Security checks. The receipt of the money is immediate, so you won’t have to wait a minute to receive it. It’s the fastest method by far.
Choosing the preferred method depends on each beneficiary. Therefore, choose the one you like the most and enjoy your monthly benefit no matter what. Remember, though, that Social Security sends payments on different days and you need to know the schedule to avoid unpleasant surprises and delays in receiving them.