If you are receiving Social Security benefits and would like to know when your money will be deposited into your account each month, you’ve come to the right place. Not everyone receives their Social Security check on the same date. Understanding the timing of your Social Security direct deposits can help you manage your finances. Here is a breakdown of when to expect Social Security deposits, including the complete 2021 Social Security Payment Calendar.
Number of People on Social Security
Over 63 million people, or more than 1 in every 6 U.S. residents, received Social Security benefits. This includes Social Security retirement benefits, Social Security Disability Insurance (SSDI), and survivors’ benefits. The average Social Security retirement benefit is $1,503.
For many seniors, this represents their primary source of income. When Social Security benefits are paid each month can be a major factor in helping seniors keep their finances in order.
In this article, we will detail by month when Social Security payments are deposited each month, including what happens when the due dates fall on a weekend or federal holiday.
This Post will Cover:
- How Social Security Payment Schedule Works
- 2021 Social Security Payment Calendar
- What To Do If You Don’t Receive Your Benefits
- When Should You Take Social Security?
- 2021 Social Security COLA Increase
- 2022 Social Security COLA Increase
- Social Security Payments Questions
How Social Security Payment Schedule Works
The day on which you will receive your Social Security benefits depends on your date of birth. Payments are always paid one month behind; therefore, if, for example, you are entitled to benefits starting January 2021, you will not receive your first payment until February 2021.
In addition, 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 the Social Security Payment Calendar works by birthdate:
- If your birthday is between 1st–10th of the month, expect your Social Security payment to be deposited on the 2nd Wednesday of each month.
- If your birthday is between 11th–20th of the month, expect your Social Security payment to be deposited on the 3rd Wednesday of each month.
- If your birthday is between 21st–31st of the month, expect your Social Security payment to be deposited on the 4th Wednesday of each month.
Supplemental Security Income Payments
For those on Supplemental Security Income, your payment schedule is a bit different. They are usually paid on the first day of the month. However, if that day is a weekend or holiday, then the payment gets moved earlier the business day before.
Holidays and Weekends Payments
Whether you are receiving Social Security benefit, Disability or Supplemental Security Income payment, if the date of your payment for a particular month happens to fall on a weekend or holiday, then you will receive your payment on the last weekday before the holiday or in the case of a weekend, the Friday before.
2021 Social Security Payment Calendar
Here is the full 2021 Payment Calendar for your convenience.
You can also reference the table below for a complete list of dates for the rest of the year.
Here is a simplified version of the 2021 Social Security Payment Schedule
|2021||SSI||SS & SSDI (Birthdate 1st – 10th)||SS & SSDI (Birthdate 11th- 20th)||SS & SSDI (Birthdate 21st – 31st)||Both SS & SSI|
What To Do If You Don’t Recieve Your Benefits
If you do not receive your payment on your specified day or date, the Social Security Administration asks that you wait three mailing days before contacting them.
You can contact Social Security at 1-800-772-1213.
When Should You Take Social Security?
For most people retiring now, the full retirement age for Social Security purposes is either 66 or 67, depending on the year they were born.
The table below shows the full retirement age based on the year you were born.
|Year of birth||Age|
|1937 and prior||65|
|1938||65 and 2 months|
|1939||65 and 4 months|
|1940||65 and 6 months|
|1941||65 and 8 months|
|1942||65 and 10 months|
|1955||66 and 2 months|
|1956||66 and 4 months|
|1957||66 and 6 months|
|1958||66 and 8 months|
|1959||66 and 10 months|
|1960 and later||67|
It is possible to begin taking your Social Security retirement benefits as early as age 62.
However, taking your Social Security benefits early can reduce your payments by up to 30% as shown below:
Collecting Social Security early will cost you
As stated above, collecting Social Security before your full retirement age reduces the amount of the monthly benefits you receive.
However, how much your benefit will be reduced depends on the precise age when you start claiming Social Security early.
The example below illustrates this further. In this example, we are assuming that the full retirement age for this person is 67 – which is the FRA for anyone born in 1960 or later.
If your full retirement age is 67, your Social Security benefit is reduced by:
- About 30 percent if you start collecting at 62.
- 25 percent if you start collecting at 63.
- 20 percent if you start collecting at 64.
- 13.3 percent if you start collecting at 65.
- and about 6.7 percent if you start collecting at 66.
2021 COLA Increase
According to this report, it is estimated that Social Security recipients would get a modest 0.3% COLA for 2021. If prices continue to rise, however, then the size of the COLA could be larger.
This compares to the 1.6% cost-of-living adjustment for 2020. In 2019, the COLA was 2.8%, an increase of about $40 a month for retirees.
2022 COLA Increase (Estimate)
We will have an update on the 2022 COLA estimate by January 2021.
In the meantime, here’s a look at COLA increases since 2011.
2016: No increase.
Social Security Payments Questions
Here are the most frequently asked questions about Social Security benefit payments:
Can I Recieve my Social Security or Disability benefits by Check?
Unfortunately, Social Security no longer sends benefits by check. You can receive your benefits by direct deposit into a savings or checking account with a bank or via the Direct Express debit card.
What if the payment date falls on a weekend or Federal holiday?
If your scheduled Social Security payment date falls on a weekend or federal holiday, your payments will be deposited on the first preceding day that isn’t a Saturday, Sunday, or holiday.
For example, in January, SSI payments are to be paid on Friday, January 1st.
However, this falls on a Federal holiday. As a result, payments will be made on Thursday, December 31st, 2020.
Can my Social Security benefits be garnished?
Your Social Security benefits cannot be garnished by a creditor to pay off consumer debt.
However, your Social Security benefits can be withheld to enforce your legal obligation to pay child support, alimony, or restitution.
In addition, if you owe back taxes, The United States Department of the Treasury can withhold Social Security benefits to collect overdue federal tax debts.
When Is Social Security Income Taxable?
How much of your Social Security is taxed depends on how much income you have from other sources in addition to your benefits.
If you have other sources of retirement income, such as a 401(k), wages from a part-time job, royalties or rental income, then you should expect to pay income taxes on your Social Security benefits.
However, if your only source of income is your Social Security benefits, then you probably won’t pay taxes on your Social Security Benefits.
How long does SSD Benefit Payments take after Approval?
If you received a letter from the Social Security Administration notifying you that your application for Social Security Disability benefits was approved, here’s what you need to know about when your first payment will arrive.
Once your Social Security Disability application is approved, it can take six months from the approval date for you to receive your first payment.
However, delays can occur so prepare accordingly, in case your payment does not arrive within the six months period.
What if I get an overpayment?
If you are notified by the Social Security Administration of an overpayment, you have the right to appeal the overpayment decision or request that they waive (not collect) the incorrect payment.
The Social Security Administration may stop the collection of the overpayment if:
- It was not your fault that you received an overpayment; and
- Paying it back would cause you financial hardship or be unfair for some other reason.
2021 Social Security Payment Calendar Summary
We hope this post on the Social Security Payment Calendar was helpful.
If you have further questions about the payment schedule or Social Security retirement benefits in general, please let us know in the comments section below.
Be sure to check out our other articles on:
2022 Social Security Payment Calendar
Second Stimulus check for $600: Update
What is Social Security Form SS-5
How to Create my Social Security Account
Top Complaints and Reviews About Direct Express Debit Card
2020 Social Security Payment Schedule.