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Saturday, March 25, 2023

Stimulus Check 2023: SSI Details You Need To Know

For the month of February, payments will be dispersed according to the aforesaid schedule, thus SSI recipients may expect to get their funds on February 1 and Social Security recipients on February 3.

The first monthly Social Security check is distributed on the first Friday of the month. You should keep in mind that, similar to January’s payments, the COLA for 2023 will be included in your Social Security check this February. This year’s raise brings your benefit up by 8.7 percent.

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The Social Security Administration sends out payments in batches throughout the month. Continue reading to find out when and how the Social Security payment will be sent.

A new retiree on Social Security? Learn when it’s in your best interest to start getting benefits and how to put off obtaining them until you’re eligible for a greater amount.

When Will I Get My February Social Security Stimulus Check?

Paychecks in February of 2023 will reflect the first COLA increase. When to expect your February 2019 Social Security or Supplemental Security Income payment is listed below (PDF format).

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Payments of February’s Supplemental Security Income will be made on February 1. People who are dually eligible for Supplemental Security Income (SSI) and Social Security and have been since before May 1997 will start receiving their Social Security benefits on February 3.

Those with a birthdate between January 1 and December 10 will be eligible to receive their first installment of Social Security payments on February 8. Those who have a birthday between February 11 and February 20 receive their Social Security payments on February 15. People whose birthdays range from January 1 to December 31 are eligible to receive Social Security payments on February 22.

How Are Social Security Payment Dates Determined?

The Social Security Administration typically distributes payments on the second, third, and fourth Wednesdays of each month. The date your check is issued is based on your birthdate.

If your birthday falls between the 1st and 10th of the month, your SSI payment will be issued on the 2nd Wednesday of that month. If your birthday falls between the 11th and 20th of the month, you may expect to get your paycheck on the third Wednesday of that month.

If you began receiving Social Security benefits before May 1997 or if you are receiving both Social Security and Supplemental Security Income, your payment schedule will be different. In the future, instead of receiving your Social Security or Supplemental Security Income payment on the third Wednesday of the month, you will receive it on the first of the month.

If owing to your birth date or other reasons, your check doesn’t arrive on the day mentioned above, the SSI Administration recommends waiting three extra mailing days before getting in contact.

If you still haven’t received it, please contact a customer service agent at 800-772-1213. (The SSI notes that on weekdays, wait times are shortest in the late afternoon and on Fridays.)

In addition, you may view your Social Security benefits online. The Social Security Administration (SSA) already knows a lot about you, including how much money you’ve paid in Social Security taxes over the course of your working years.

However, it still necessitates specific personal details and substantiating evidence from you in order to verify your identity and set up your direct deposit. The same kind of documentation may be requested for any dependents (such as minors or the disabled) who are included in your support application.

In addition to your SSN, you’ll need the routing and account numbers for the savings to account into which your Social Security payments will be paid. These numbers belong on the bottom of your bank cheques. If you don’t know them, your bank may be able to help you out. You should also know that after you sign up, your bank account will be empty.

The government typically pays out Social Security payments the following month after they are due. If you apply for benefits in March, you won’t get your first payment until April.

Also, candidates older than 62 may face additional difficulties. A person who enters the world on January 1 or February 2 would be considered eligible to join the program beginning with the month in which they were born. If your birthday falls on any other day of the month, however, you won’t be eligible until the month after your birth month. You won’t be able to join until April and won’t receive your first payment until May if your birthday is March 15.

You should have a plan ready for how you’ll handle interim financial obligations. Extending one’s workweek or dipping into savings are two possible options. If you have any questions about when you will get your first SSI payment, you should contact the SSI Administration.

Be sure you know what will happen if you enroll or ask for benefits before or beyond the time you planned. The federal government sets the mandatory retirement age based on an individual’s birth year (FRA). The average age of a worker in today’s workforce is between 66 and 67. If you join the military immediately at FRA, you will receive the full benefit to which you are entitled based on your prior employment experience.

If you sign up for Medicare before you become 65, you can reduce your monthly payments by up to 25%, and by up to 30% if you turn 65 at a Full Retirement Age. After you turn 70, your monthly check will increase by a small amount until you get your full benefit. That works out to 124% of your total benefit for each payment if your FRA is 67, or 132% if it’s 66.

When you become eligible to receive benefits depends on your age and financial status. Individuals who intend to live to their 80s or beyond would often receive a larger lifetime benefit from Social Security by postponing enrollment. Early enrollment in Social Security is recommended if you anticipate needing financial assistance from the program.

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