What Time Does Social Security Deposit?

In this article...
  • If you receive benefits from Social Security, knowing when these payments are due to arrive can help you to manage your finances in an efficient manner.

Social Security benefits offer financial support for older people, people with disabilities and the surviving family members of Social Security participants who have died. Not all recipients of Social Security benefits receive their funds at the same time, however. The Social Security Administration (SSA) issues payments on Wednesdays. Those with birthdays earlier in the month are scheduled to receive their payments before those with birthdays later in the month. Here are some of the most important guidelines to help you determine when your Social Security benefits are scheduled to arrive.

When Will My Payment Arrive?

Your Social Security payment will be issued on a Wednesday in accordance with the day of the month on which you were born:

  • People who were born from the 1st to the 10th of the month will receive payment on the second Wednesday of the month.
  • Those born from the 11th to the 20th will be paid on the third Wednesday of the month.
  • Individuals born between the 21st and the last day of the month will receive their Social Security check on the fourth Wednesday of the month.

If the date on which your benefits would normally be issued coincides with a public holiday, the payment will be issued by the SSA on the Tuesday prior to the Wednesday holiday. The specific dates for payments in 2021 and following years can be viewed on the SSA website.

What Time Period Do Social Security Payments Cover?

The SSA sends out payments one month after they are due. This means that each Social Security benefits payment is for the month immediately previous to the one in which you receive it from the SSA.

How Will I Be Paid?

The SSA no longer routinely sends out checks to Social Security recipients. Instead, most payments are disbursed using the following methods:

  • The Direct Express Debit MasterCard program lets you receive a prepaid debit card on which your federal benefits can be loaded. You can then use this card as you would any other debit card to purchase the items and services you need. This can provide added convenience for those without access to traditional banking services.
  • For most Social Security recipients, direct deposit is the chosen method for receiving these benefits quickly and with minimal fuss. Your benefits will be deposited directly into your bank account on the day designated for you by the SSA.

The precise time at which your benefits will reach your debit card or bank account will vary depending on the bank you use and their processing schedule. In most cases, however, payments from the SSA are posted at midnight the day before the payment is due. This ensures that the funds are in place for Social Security recipients on a regular and reliable schedule.

Keep Taxes in Mind

Not every retiree is required to pay taxes on Social Security benefits. If you are, however, you will be required to make quarterly estimated tax payments to the Internal Revenue Service or to have taxes withheld from your Social Security payments. Consulting with an advisor at the SSA can provide you with information on whether your benefits will be taxable and how best to pay any taxes due on these benefits.

How to Begin Receiving Social Security

You can apply for Social Security retirement benefits four months before the month in which you turn 62 or at any point after that. In general, it is a good idea to begin the application process a few months before the date on which you would like to start receiving your benefit payments. You can apply online at the Social Security Website for benefits. If you need further assistance, you may also be able to reach the SSA by phone at 1-800-772-1213 or, for the hearing impaired, on the TTY line at 1-800-325-0778. Finally, you can make an appointment to see an advisor at a Social Security office near you.