In recent days, American citizens have seen that banks in the United States are having problems related to funding. This could disrupt the lives of many Americans, but all indications are that the days of retirees collecting a Social Security check will be unchanged.
If you are currently collecting a Social Security benefit, whether it is age retirement or disability, you have nothing to worry about. The Silicon Valley Bank situation will not affect the checks that the Administration sends out on a monthly basis to beneficiaries. So if you were born between the 11th and 20th of any month you will receive this new payment very soon.
So this means that not all Social Security retirees will get this check from the Administration. It is mandatory to have been born on these particular days in order to be able to expect the payment in our bank account in just a few hours. However, it may take us a little longer to receive it, as the method of payment will change greatly on the day we have our Social Security money available.
What day do retirees born 11-20 collect Social Security?
The day Social Security benefit recipients receive their new check is the 15th of March. This is the third Wednesday of the month, so it is the turn of retirees in the second group. For beneficiaries who were not born between the 11th and 20th there is nothing to worry about. The Administration will send the checks regardless of the situation with the banks, as it does not directly affect them.
Regardless of the day of birth, SSA sends check to all beneficiaries. The only thing to keep in mind is that the day of collection will be different. On this day today retirees born between the 11th and 20th can receive the check. This good news could be even better if we take into account that it is possible to receive the check directly without having to wait a single day.
Is it possible to receive the retirement benefit money earlier?
Each group of retirees is assigned a day of the month to cash their Social Security check. Receiving the money before that day is not possible, since the Administration follows the calendar to send the payments in an exact manner.
What we can do, however, is to activate Direct Deposit as a collection method if we are looking to receive a check as soon as possible. Currently, the two ways to collect Social Security benefits are Direct Deposit and bank deposit.
Both methods are really secure, but using Direct Deposit gives us speed in the transfer. In order to receive the check on the same day that the Social Security Administration sends it, it is mandatory to activate this.
If we prefer to receive the money by bank deposit, it can take up to 3 days for the payment to arrive in our pocket. If we are not in a hurry, there is no problem activating the bank deposit, but we should keep in mind that it is slower than using Direct Deposit.
Other Social Security Payments in March
The retirement benefit payment is not the only one the Social Security Administration has made in March. In addition to the age retirement payment, the SSA also sends out money for disability, orphan, survivor and the other category within retirement. But there is one more payment to consider.
This other payment is the Supplemental Security Income, which is sent every month on the 1st. On the 1st of March, the SSA paid this check to its beneficiaries, but there will be an extra payment within the days of March. Therefore, we may receive a new Supplemental Security Income check on the 31st of March.
Although we should not think that it is an extra check and that we will have more money than usual. This check is actually the SSI check for April. This irregular situation happens when the 1st of the month is a weekend or holiday. Since April 1st is a weekend, the Social Security Administration pays this benefit on the immediately preceding business day, March 31st in this case.
Full schedule of March 2023 benefit payments
Taking into account that there is an extra payment between the days in March, let’s look at the complete calendar for this month so we can follow on which day we will get any of our checks:
- March 1st. March 2023 SSI payment for the month of March 2023.
- March 8th. Retirement for beneficiaries born between the 1st and 10th of the month is on this day.
- March 15th. Retirees with birthdays between the 11th and 20th receive check from Social Security on this date.
- March 22nd. Last of the Administration’s payments to United States aged retirees. This check is for those born between the 21st and 31st of the month.
- March 31st. Extra check of the month. On this day, SSI recipients will receive check pertaining to the month of April 2023.
With this calendar in front of us, we already know on which day we should cash our Social Security check. If by chance the date of your payment has already passed, it is advisable to claim this benefit.
In order to request a late payment, it is best to first contact your bank. It is possible that the bank has withheld the payment for various reasons. If the bank does not provide us with help, we can go directly to the Social Security Administration, making an appointment beforehand to avoid further problems.