Q: I recently signed up to receive my Social Security retirement and was surprised to learn that payments would be late in the month. I thought that Social Security benefits were received on the third of the month. Is this a recent change?
A: Not really. With several exceptions, Social Security benefits have been payable at different times during the month since May 1997. Before then, Social Security benefits were received on the third of a month.
Since then, most people receiving benefits based on their own work record, such as you on your own retirement; have a payment date based on their birthdate. A family member receiving benefits through your record would also have their payment date based on your birthday. A couple can receive Social Security payment on different days if each is receiving their own retirement.
For birthdates from the 1st to 10th of a month, payment is on the second Wednesday, for birthdates from the 11th – 20th, on the third Wednesday, and for later dates on the fourth Wednesday.
If receiving Social Security before May 1997, or if receiving both Social Security and Supplemental Security Income (SSI), the SSA payment date remains the third. SSI payments are usually on the first of a month.
Regular payment dates for both Social Security and Supplemental Security Income (SSI) are advanced if the usual date falls on a day when financial institutions are closed.
The 2014 Social Security schedule of payment dates is here. Social Security payments are paid in the following month so the benefit for May is received in June. Supplemental Security Income (SSI) payments for a month are received in that month.
A link to the 2014 calendar is on my Areavoices homepage blogroll.