Social Security Payment Schedule: May/June 2024 - NerdWallet (2024)

FAQs

What is the Social Security payment schedule for 2024? ›

Social Security payments typically occur on the third of each month, as well as on the second, third and fourth Wednesday of each month.

What time does Social Security direct deposit hit? Social Security retirement, disability, survivor and other benefits usually post to your bank account or Direct Express debit card at 12:01 a.m. on your scheduled payment date.

It's all because of a quirk in the Social Security Administration's payment schedule. A few times a year, two Supplemental Security Income (SSI) checks will go out in a month instead of the usual one.

June 3: Social Security payments for people who've received Social Security since before May 1997. June 12: Social Security payments for people with birthdays falling between the first and 10th of any given month.

Have you heard about the Social Security $16,728 yearly bonus? There's really no “bonus” that retirees can collect. The Social Security Administration (SSA) uses a specific formula based on your lifetime earnings to determine your benefit amount.

There is no age at which you will no longer be taxed on Social Security payments. So, if those payments when combined with your other forms of income, exceed one of the two thresholds, then you will have to pay at least federal taxes on either 50% or 85% of the benefits you receive.

Beagle is the place. If you have enrolled for a Medicare Advantage Plan, you may be eligible for a Medicare giveback benefit. The giveback benefit reduces your Medicare Part B premiums, and it can add up to big-time savings for most people since they put money back into their monthly Social Security check.

We pay Social Security benefits monthly. The benefits are paid in the month that follows the month for which they are due.

What time does the SSA direct deposit hit? ›

Payments are made in stages, depending on the date of birth of the recipients. However, all payments fall at the same time, regardless of the day of the month. According to information provided by the SSA, payments are always made at 12:01 a.m. on the scheduled payment date.

It usually takes at least a couple of weeks and up to two months for your Social Security to go into the new account. If you have an automatic payment in the interim that you don't want to make, you can contact your bank and have a stop payment made so that payment does not come out of your account.

The Social Security Administration typically sends out payments on the second, third and fourth Wednesdays of each month. Which day you receive your check depends on your birthday. If your birthday falls between the first and 10th of the month, your payment will be sent the second Wednesday of the month.

You would not be required to file a tax return. But you might want to file a return, because even though you are not required to pay taxes on your Social Security, you may be able to get a refund of any money withheld from your paycheck for taxes.

There is no specific “bonus” retirees can collect from the Social Security Administration. For example, you're not eligible to get a $5,000 bonus check on top of your regular benefits just because you worked in a specific career. Social Security doesn't randomly award money to people.

The SSA cannot pay benefits for the month of a recipient's death. That means if the person died in July, the check or direct deposit received in August (which is payment for July) must be returned.

To be eligible for the $1800 Social Security payment, individuals must meet specific criteria. They must be at least 62 years old, have an income below the Federal Poverty Line, and be receiving regular benefits from the SSI.

Views: A surviving spouse, surviving divorced spouse, unmarried child, or dependent parent may be eligible for monthly survivor benefits based on the deceased worker's earnings. In addition, a one-time lump sum death payment of $255 can be made to a qualifying spouse or child if they meet certain requirements.