In the United States of America, Social Security beneficiaries receive their benefits every month. The date on which the Administration sends the money each month is already fixed, although only for a group of pensioners. In 2022 the average is $1,657 per month, but it will increase next year due to the COLA. September 24 will be paid to those born between 21 and 31.
This is invariably repeated on the fourth Wednesday of each month. If your birthday falls between these dates, you will receive your Social Security benefit early. It may take up to 3 days for the check money to appear in your bank account. If you choose the Direct Deposit method, your benefit will automatically be available to you.
When are Social Security payments made?
Retirees entitled to collect Social Security should pay attention to the following days. On these days they will receive their benefit each month:
- Second Wednesday of the month: those born between the 1st and 10th collect Social Security.
- Third Wednesday of the month: Social Security sends the payment to beneficiaries born between the 11th and the 20th.
- Fourth Wednesday of the month: People born between the 21st and the 31st collect the benefit.
Supplemental Security Income (SSI) benefits must also be taken into account. SSI is sent out on the 1st of each month. This is true every month, except when the 1st is a holiday or weekend. When this occurs, the Administration sends the payment on the immediately preceding business day.
How to get the maximum retirement benefit?
In order to get the best possible retirement benefit, there are three fundamental steps to follow. The first is the retirement age, the second is the years of contribution and the third is the salary during the years of work. It is advisable to follow these tips to reach the maximum Social Security benefit:
- Years worked: working 10 years or more is mandatory, but to get the maximum Social Security it is necessary to work for 35 years. Each year worked below the threshold adds $0 to your average retirement.
- Retirement age: The minimum retirement age, excluding people with disabilities, is 62, although this reduces your benefit by 30%. To get 100%, you must reach 67 years of age. To get the maximum retirement, you must reach 70 years of age.
- Salary while working: Your salary will have a direct influence on your final benefit. The more salary you have, the better benefit you will have in the future.