To know the Social Security Administration’s payment schedule, we don’t need to know a lot of things. One of the best things about retiring in the United States is just that, we can control when we will receive our retirement money.
However, keep in mind that sometimes some months have irregularities in their timing. And this causes Social Security checks to arrive earlier, but they could also arrive later. It all depends on how the overall schedule is set up and the collection method chosen by the beneficiary.
Regardless of whether the payment comes early or not, knowing the schedule of Social Security payments is critical. Without this information we are going to have very serious financial problems. As we have this great advantage we must take it in order to be able to pay all our bills and all our monthly expenses on time.
In this regard, the month of June has a couple of payments outside of the usual dates. This may seem like an advantage, but for some citizens the advance payment Social Security checks may arrive even later. Do you know on what day you will receive your pension?
Social Security Advance Payments in June 2023
The first of these advance payments will occur precisely tomorrow. June 3rd would be the usual day for Social Security payments for pre-1997 retirees. However, this day is a weekend, so the Administration will pay this group of beneficiaries their retirement check a day earlier.
What seems like a good thing can turn into a really bad thing for many citizens. Bringing the payment forward means that the Administration will send it earlier, but that doesn’t mean that the beneficiary will receive it early. Without the proper collection method, the payment could arrive on the 5th or 6th of June. It all depends on how long it takes for the bank to cash the payment.
On the other hand, the second payment that is advanced will arrive in June but actually pertains to July. The Supplemental Security Income for July will arrive on June 30th. It will not reach everyone, as the Administration will send the payment on that day, but it will depend on the method of collection chosen by the beneficiary.
In order to have all these checks, regardless of whether they are advanced or not, on the same day they are sent, it is mandatory to activate Direct Deposit. With this method of payment we will not have to wait even one day to be able to use the money from our benefit. The payment will arrive immediately and will be available the moment the Social Security Administration makes the payment.
So the main reason Social Security payments are advanced some months is because the day of payment is a weekend or holiday. In that case, the check is always mailed on the immediately preceding business day.