Search

Social Security & SSI Beneficiaries Payments for 2022 Are Coming When?

On October 13th, 2021, the Social Security Administration announced its annual changes to the Social Security program for 2022. When it comes to managing your life as a retiree, it almost goes without saying that you'll need to keep abreast of the yearly Social Security tweaks and adjust your budget accordingly. However, with so much new information to keep track of, it can be easy to forget some of the smaller details, such as when benefit payments are distributed, especially considering that this answer isn't exactly clear-cut and varies from person to person.


Approximately half of older Americans reside in households where Social Security benefits compose a least 50% of their income, and 25% of this group depend on their monthly payment for the majority, if not all of their earnings. As such, it's important for retirees to be aware of when they will be receiving their benefits. While this is especially crucial to the 0.8% of beneficiaries who need to be on the lookout for a physical check each month, the remaining 99.2% still ought to know when their Social Security income is being direct deposited to ensure they aren't spending more money than they actually have. Social Security retirement, disability, and survivors benefits all are distributed on one of three Wednesdays each month for beneficiaries who began receiving benefits after May 1997. When a beneficiary will receive their payments depends on their birth date.


For example, if you were born between the 1st–10th, you will receive your Social Security payments on the second Wednesday of each month. If you were born between the 11th–20th, you will receive your Social Security payments on the third Wednesday of each month. If you were born between the 21st–31st, you will receive your Social Security payments on the fourth Wednesday of each month. SSI benefit payments follow a different schedule. Specifically, SSI benefits are distributed on the first of each month. Should the first of the month fall on a weekend, then the new payment date will be the last Friday of the prior month. For 2022, there will be no SSI benefit payments in January, May, and October, while beneficiaries will receive their payments at both the beginning and end of April, September, and December.


Individuals who were born prior to May 1997 or receive both Social Security and SSI will receive a check from the Social Security Administration on the third day of each month. Should the third of the month be a weekend, it will instead be issued on the first Friday of that month. When it comes to Social Security, there are a lot of rules and information that one has to be mindful of. Even minor mistakes can have a noticeable impact on your life in retirement. Accidentally overspending on your weekly budget because you thought your monthly Social Security benefits had already been deposited shouldn't be something you have to worry about, so consider marking your personal calendar with the appropriate dates listed here.

32 views0 comments