Social Security Pay Schedule 2017
How Do Social Security Benefits and Supplemental Security Income Differ?
Social securities benefit programs are for individuals who have worked long enough and paid their social security taxes. Payments are made to recipients due to their disability, dependents, survivor benefits, or retirement.
Supplemental security income (SSI) is paid to individuals who have limited income and are disabled, blind, and/or age 65 or older.
Social Security Pay Schedule
When it comes to receiving social security benefits, the payment date is based solely on the date of birth of the beneficiary. For those receiving a payment prior to May of 1997, there is a different payment schedule to follow. Also for beneficiaries that are receiving both the social security benefit and the SSI, there will be a different schedule. Both schedules are provided below.
– If your birth date is between the first of the month and the 10th, then the social security benefits will be paid on the second Wednesday of each month.
– If your birth date is between the 11th and the 20th, then benefits will be paid on the third Wednesday of each month.
– If your birth date is between the 21st and 31st, your social security benefits are paid out on the fourth Wednesday of each month.
Below are the dates that the social security payments are scheduled to be paid:
Social Security Pay Schedule for 2017
|Birth Date on 1st-10th||Birth Date on 11th- 20th||Birth Date on 21st-31st|
|January 11||January 18||January 25|
|February 8||February 15||February 22|
|March 8||March 15||March 22|
|April 12||April 19||April 26|
|May 10||May 17||May 24|
|June 14||June 21||June 28|
|July 12||July 12||July 26|
|August 9||August 16||August 23|
|September 13||September 20||September 27|
|October 11||October 18||October 25|
|November 8||November 15||November 22|
|December 13||December 20||December 27|
Beneficiaries Receiving Benefits Prior to May of 1997
If you have been receiving social security benefits before May of 1997, it is a easier schedule to become familiar with.
The payment is expected to be paid on the third of every month. However, if that day happens to be a Saturday or Sunday, then the payment is expected to be paid on the preceding Friday.
For example, if the payment is expected in June of this year, it will be paid on Friday, June 2.
The schedule below also applies to beneficiaries that are receiving both a social security payment and supplemental security income (all dates are 2017).
|Benefits Prior to May 1997
When to Expect Payment of the Supplement Security Income (SSI)
If you are a beneficiary of supplement security income and receive no other payments, then the expected payment date is the first day of the month.
However, like above, if the first of the month falls on the weekend, then the payment will be received a bit earlier. So if a payment is to be received in April, the first day of which is a Saturday, and the payment for the month will be received on March 31, 2017.
Below is a schedule of the exact dates for when the supplement security income payments are expected to be paid.
|Supplement Security Income Schedule|
|December 30, 2016|
|February 1, 2017|
|March 1, 2017|
|March 31, 2017|
|May 1, 2017|
|June 1, 2017|
|June 30, 2017|
|August 1, 2017|
|September 1, 2017|
|September 30, 2017|
|November 1, 2017|
|December 1, 2017|
|December 29, 2017|
Can I Change the Date I Receive My Benefits?
No. The payment dates listed above are set in stone.
What Can You Do if You Receive An Over-Payment?
When you are notified of an over-payment, you have the right to appeal the decision or request to waive the incorrect payment. There could be a stop collection of the over-payment if:
– You are without fault for the over-payment
– Paying it would result in a financial hardship or be otherwise unfair
Does Getting Married Affect Your Benefits?
If you receive supplement security income, there are a few important things to know if you are getting married. This is because the amount that is received as a beneficiary of social securities payments could change:
– If you marry, your spouse’s income may affect your SSI benefits (because income is considered to be going from an individual to a joint income)
– If you marry and your spouse also receives SSI, the benefit will change from an individual rate to a couples rate
The rules if you are a widow or divorced widow and are looking to remarry could also affect your benefits:
– If you are under the age of 60 and remarry, then the benefits will be lost
– If you are under the age of 50 and disabled and marry once more, then the benefits will no longer be received
Are Social Security Payments Taxed?
For beneficiaries that are receiving any social security payments or supplemental security income, consider the taxes, which depend on a few factors.
Before even filing your tax return, the status of your martial status will partially determine if taxes will be paid or not. Other important factors will be based on other sources of income, such as wages, interest income, dividends, self-employment, and any other forms of income that are reported on your tax return.
Let me explain this further. If you file your tax return as a individual due to your martial status, then the following tax rates will apply:
– With a total income of between $25,000 and $34,000, you may pay up to 50% tax on the social security benefits
– If your total income is more than $34,000, than a tax rate of up to 85% may be applied to the benefits that are received
If you file your tax return as a joint return (with your spouse) and the combined income is:
– Between $32,000 and $44,000, then a tax rate of up to 50% may apply to your social security benefits
– More than $44,000, a tax rate of up to 85% may be applied to social security benefits
If you happen to file a tax return that is an “individual” and you have a spouse; then there is still a possibility of paying tax as a joint income on the benefits.
The reason why there is not an exact tax rate is because it depends on the other sources of income, if there are any. This is because different income sources are taxed at different rates.
Is It Possible to See Any Adjustment in the Social Security Payment?
The simple answer is “yes,” and if any adjustments are made, they will take place annually, specifically in January.
Adjustments are based on the calculation using the cost of living. The purpose of this is so that the purchasing power of the social security benefits and SSI keep up with inflation.
The calculation is on a percentage basis, using the consumer price index for urban wage earners and clerical workers from the third quarter of the previous year. If there is no increase in the index and over the third quarter, then there is no adjustment made to the social security payments.
For 2017, there was an increase of 0.3% in the social securities payment.
When to Apply for Social Security Medicare Benefits
As a beneficiary, you can apply for retirement benefits as soon as you are 61 years and 9 months of age. Typically, it takes three months for the Medicare benefits to begin.
It is suggested to sign up for Medicare before your 65th birthday. Medicare is the national social insurance program that is in place for social security beneficiaries.
What is the Full Retirement Age?
Retirement benefits depend on the age of the beneficiary and the year chosen. The full age of retirement is 66; this is when full retirement benefits are received.
When to Apply for Retirement Benefits
However, as a beneficiary, you can choose an age other than 66 to receive retirement benefits, the earliest permitted being 62. You can even wait until the age of 70 to begin to receive benefits.
Early or Late Retirement?
Before applying for retirement benefits, there should be a few things you should know. For starters, when applying for retirement benefits at the age of 62, it could result in a benefit reduction of as much as 30% on a monthly basis in comparison to applying at age 70.
When retiring before the “normal” age of 66, your benefits will be smaller on a monthly basis, but will be received for a longer period of time. When choosing to retire at a later age, the payments will be larger for a shorter period of time.
When choosing to delay retirement, credits will be earned. By delaying retirement, there will be a slight increase in the monthly social security payment received.
The payments are made for the rest of your life.
There will be one issue that arises if you are working and planning on retiring at a earlier age of 66. Since there is a working wage, the retirement payment that is received will be lower than someone that was not earning this wage. If you happen to be working and receiving a retirement social security payment at the age of 66, the full payment will be received.
What is the Maximum Social Security Retirement Benefit Payable?
The maximum benefit all depends on the retirement age. For example, if you choose to retire at the full retirement age in 2016, your maximum benefit would be $2,639. But if you decided to take an early retirement at the age of 62 in 2016, the maximum benefit would be $2,102. Lastly, if you chose late retirement at the age of 70 in 2016, your maximum benefit would be $3,576.
If You Earn a Pension, Will it Affect Your Social Security Retirement Payment?
If you receive a pension that is not covered by social security, it will lower the benefits that are received. This is done regardless of if the pension from the U.S. or a foreign country.
Will Your Social Security Retirement Benefits Be Affected if You Receive Military Retirement Benefits?
You will receive both the social security retirement benefits and the military retirement benefits. While everything is looked at on a case-by-case basis, however the general rule is that there is no reduction in the social security benefits.
Will Withdrawing from Your Individual Retirement Account Affect Your Retirement Social Security Benefits?
Individual retirement accounts, annuity interest income, and dividends from saving and investment accounts do not count toward social security retirement benefits. Therefore, the social security retirement benefit will not be lowered.