Ask Larry

When Do You Think I Can Expect My First Deposit?

Hello: Info: I am 65 years old, born June 15, 1954. I applied for ss retirement benefits on March 25, 2020.
I asked during the app for a first benefit period of March 2020. I saw an approval letter dated today, April 2, 2020.

When do you think I can expect my first deposit.?

Thanks

Hi,

Since you were born in the middle 10 days of a month, your payment for March 2020 would be due on the 3rd Wednesday of April 2020. If you received your award letter today you should receive your first payment no later than that. You may receive your first payment earlier than the scheduled date, but your subsequent payments will always be paid on the 3rd Wednesday of each month (https://www.ssa.gov/pubs/EN-05-10031-2020.pdf).

Best, Jerry

Category: 
Posted: 
Apr 2 2020 - 2:21pm
MaxiFi software running on a laptop
Get What's Yours!
Discover tens of thousands in extra retirement dollars with Maximize My Social Security software!
  • Find your maximized strategy
  • Unlimited what-ifs
  • Step-by-Step filing instructions
  • Our software's lifetime-benefit increase for an illustrative couple earning $65K each and planning to take retirement benefits at 62.

    Results will differ based on your specific case and filing strategy.

Getting Started is Easy
Web-based software. Works on ALL browsers. No download.
$40 Annual Household License
$250 Annual Financial Advisor License