Social Security checks in the United States always arrive on different Wednesdays of the month. Thus, the second, third and fourth Wednesdays of the month are the days on which the Social Security Administration pays a check to retirees with an accepted benefit.
However, not everyone can apply for one of these checks. There are a number of requirements that must be met in order to apply for one. If we are talking about the Social Security age retirement check, for example, the retiree must be at least 62 years old and have worked 10 years before applying for it.
These requirements may vary depending on the type of benefit we have. What is certain is that the above requirements must be met in order to apply for a Social Security age retirement check. If we collect a disability check or for some other reason, the situation changes.
Regardless, there are certain things we can do once we start collecting a Social Security check. These actions will ensure that we have a better life during our retirement years. It is also important to keep in mind that it doesn’t matter what type of retirement you are in to follow these tips. Any retiree can take these tips to enjoy a better retirement by cashing a cheque.
Tips for retirees starting to collect Social Security checks
These three examples are not definitive in terms of actions to be taken. As a general rule, retirees are pretty much free to do whatever they want with their check. However, it’s good to have some guidelines for what to do once you start collecting your Social Security check.
- Create a financial plan. Figure out what your monthly expenses are and what your income is. Once you have that figured out, make a financial plan that will help you pay all of your monthly expenses without spending money from your savings.
- Save as much as you can. Don’t spend all the money in your Social Security check once you start collecting it. It’s not uncommon to see retirees spend much of the check on things they don’t need. Instead, save for incidentals and absolutely necessary things.
- Work if you can. This section of the list may come as a surprise to most retirees. Regardless of whether your check is for disability, age retirement or any other reason, work if you can. Social Security will continue to pay your retirement check if you don’t go over a certain limit, so you can keep working to ensure a better future in life.
And remember that if you want to retire at age 62, retiring at age 62 means losing 30% of your check. If we want to get 100% of the cheque, it is necessary to wait until the age of 67 to receive the full benefit.