In the United States, having a monthly Social Security benefit is a great advantage when it comes to organizing money. Retirees can know exactly on what day the Social Security Administration will pay their checks. This means that regardless of the amount a retiree is entitled to, he or she will be able to know the exact day of payment.
Because of this, all Social Security beneficiaries can pay their bills and expenses on time. This allows everyone to have greater peace of mind throughout their golden years. In this regard, even though it is not advisable to have Social Security checks as the only source of payments, some retirees have no other income. This is also why it is so important to know on what day we will receive the money.
Every month, the Social Security Administration sends checks on three different days. It is very easy to find out on which day we will receive our checks. To find out when we can get the money in our pockets, all we need to know is our birthday. This personal information is very simple, but effective when it comes to checking the date of the pension payment.
Who receives the new Social Security payment?
The new Social Security payment is only for a small group of pensioners. Only pensioners with birthdays between the 1st and 10th can receive this check from the Administration. This is the first of the March 2023 pension payments, so if your birthday is not between those days you will still have to wait a little longer.
The exact day the Administration will send the money will be next March 8th. This is the second Wednesday of the month, as is customary in this calendar. After that, the rest of the payments will be sent in the following weeks. Waiting longer or shorter will depend on the day of the birthday, although Social Security will still send us the check.
Maximizing your pension check
If you are not yet collecting your Social Security pension, there is still time to maximize it. In order to do so, you need to have a good retirement plan in place. The first of these aspects is retirement age. Applying for retirement early means losing a large part of our benefit, 30% to be exact. So the later we apply for retirement, the more money we will get on a monthly basis.
The other two aspects are salary as a worker and years worked. If we work less than 35 years, our benefit will see a very large reduction, as it will drop a lot on average. Also, the higher our salary, the more taxes we will pay. At the end of the day, Social Security is calculated on the basis of the taxes we have paid. By maximizing these three aspects we will get a bigger cheque during our golden years.