What time does ssi hit the bank

Social Security pays benefits in the month following the month for which they are due. For example, the January benefit is paid in February.

For most beneficiaries, the payment date depends on your birth date. If you are receiving payments on the record of a retired, disabled or deceased worker (for example, spousal or survivor benefits), that person's birthday sets the schedule.

Here's how it works:

• If the birthday is on the 1st through the 10th, you are paid on the second Wednesday of each month.
• If the birthday is on the 11th through the 20th, you are paid on the third Wednesday of the month.
• If the birthday is on the 21st through the 31st, you are paid on the fourth Wednesday of the month.

The Social Security Administration adopted this staggered schedule in June 1997. Prior to that, all benefit payments went out on the third day of the month, but that became unwieldy as the number of beneficiaries grew.

Most people who started receiving benefits before May 1, 1997, are still paid on the third of the month. The third is also the monthly pay date for these groups of Social Security beneficiaries:

For most people that filed for Social Security on or after May 1st, 1997, your benefit payments will be sent out on the second, third, or fourth Wednesday of each month, depending on your day of birth. If you filed for Social Security benefits before May 1st, 1997, your payments will be sent out on the third of the next month. For example, you would receive your March benefit payment on April 3rd.

The same schedule typically applies if you're collecting Social Security retirement benefits or Social Security disability benefits. However, if you're receiving Supplemental Security Income (SSI) benefits, you'll be paid on the first of the month.

Key Takeaways

• You'll receive your first payment the month after you become eligible to receive benefits.
  
• You'll be paid on the third of the month if you live in another country, the state is paying your medicare premiums, you're receiving SSI benefits and Social Security benefits, or if you filed for benefits before May of 1997.
  
• Social Security retirement and disability benefits are paid out on the same schedule.
• You can only receive electronic Social Security payments.

Retirement, Survivors, and Disability Payment Schedule

If you receive retirement, survivors, and disability benefits from the Social Security Administration. "What You Need to Know When You Get Retirement or Survivors Benefits," Page 2.

Social Security benefits offer financial support for older people, people with disabilities and the surviving family members of Social Security participants who have died. Not all recipients of Social Security benefits receive their funds at the same time, however. The Social Security Administration (SSA) issues payments on Wednesdays. Those with birthdays earlier in the month are scheduled to receive their payments before those with birthdays later in the month. Here are some of the most important guidelines to help you determine when your Social Security benefits are scheduled to arrive.

When Will My Payment Arrive?

Your Social Security payment will be issued on a Wednesday in accordance with the day of the month on which you were born:

• People who were born from the 1st to the 10th of the month will receive payment on the second Wednesday of the month.
• Those born from the 11th to the 20th will be paid on the third Wednesday of the month.
• Individuals born between the 21st and the last day of the month will receive their Social Security check on the fourth Wednesday of the month.

If the date on which your benefits would normally be issued coincides with a public holiday, the payment will be issued by the SSA on the Tuesday prior to the Wednesday holiday. The specific dates for payments in 2021 and following years can be viewed on the SSA website.

What Time Period Do Social Security Payments Cover?

The SSA sends out payments one month after they are due. This means that each Social Security benefits payment is for the month immediately previous to the one in which you receive it from the SSA.

How Will I Be Paid?

The SSA no longer routinely sends out checks to Social Security recipients. Instead, most payments are disbursed using the following methods:

• The Direct Express Debit MasterCard program lets you receive a prepaid debit card on which your federal benefits can be loaded. You can then use this card as you would any other debit card to purchase the items and services you need. This can provide added convenience for those without access to traditional banking services.
• For most Social Security recipients, direct deposit is the chosen method for receiving these benefits quickly and with minimal fuss. Your benefits will be deposited directly into your bank account on the day designated for you by the SSA.

The precise time at which your benefits will reach your debit card or bank account will vary depending on the bank you use and their processing schedule. In most cases, however, payments from the SSA are posted at midnight the day before the payment is due. This ensures that the funds are in place for Social Security recipients on a regular and reliable schedule.

Keep Taxes in Mind

Not every retiree is required to pay taxes on Social Security benefits. If you are, however, you will be required to make quarterly estimated tax payments to the Internal Revenue Service or to have taxes withheld from your Social Security payments. Consulting with an advisor at the SSA can provide you with information on whether your benefits will be taxable and how best to pay any taxes due on these benefits.

How to Begin Receiving Social Security

You can apply for Social Security retirement benefits four months before the month in which you turn 62 or at any point after that. In general, it is a good idea to begin the application process a few months before the date on which you would like to start receiving your benefit payments. You can apply online at the Social Security Website for benefits. If you need further assistance, you may also be able to reach the SSA by phone at 1-800-772-1213 or, for the hearing impaired, on the TTY line at 1-800-325-0778. Finally, you can make an appointment to see an advisor at a Social Security office near you.