Here’s the 2020 Social Security Payment Schedule
It’s not too early to see when to expect your monthly checks from Social Security (SS) in 2020. The Social Security Administration has released the 2020 Social Security payment schedule.
Just as we have done in previous years, we will explain what it all means for you, especially when to expect your benefit payment deposit.
If you get your benefits through Direct Express, the Social Security Payment Schedule for 2020 does not change the way your payments are deposited into your account.
Here is what you need to know:
This post will cover:
- The 2020 Social Security Payment schedule
- Exceptions to When Social Security Checks Arrive
- Social Security Disability Insurance (SSDI) Payment Dates
- Supplemental Security Income (SSI) Payment Dates
- 2020 Social Security Changes You Should Know About
The 2020 Social Security Payment Schedule
Social Security checks are deposited on the second, third, or fourth Wednesday of each month, depending on your day of birth. The Social Security check schedule works as follows:
The Social Security Administration has published a schedule of 2020 payments, making it easy to find out when you can expect your SSD benefit checks.
You can also use your birthday to help remember when you’ll receive your payments, which are scheduled to arrive on the same Wednesday each month.
- If your birthday is from the 1st to the 10th, you will receive your payment on the second Wednesday of each month.
- If you were born between the 11th and the 20th, your benefits will arrive on the third Wednesday of the month.
- If your birthday is from the 21st to the end of the month, you’ll receive your benefits payment on the fourth Wednesday of each month.
Exceptions to When Social Security Checks Arrive
If you fall into one of the categories below, your check may arrive on an alternate schedule.
You started receiving benefits before 1997: Your Social Security check is paid on the third day of the month.
Holiday exceptions: If the day your Social Security check is supposed to be deposited is a holiday, your check will be deposited the day before.
Social Security Disability Insurance (SSDI) Payment Dates
Similar to SS benefit payments, with SSDI payments, the date of your benefit is determined by your birthday as follows:
- If your birthday falls between the 1st and 10th of the month, you’ll receive SSDI benefits on the 2nd Wednesday of every month.
- If your birthday falls between the 11th and 20th of the month, your benefits will come on the 3rd Wednesday of every month.
- If your birthday falls between the 21st and the last day of the month, your payments will come on the 4th Wednesday of every month.
Supplemental Security Income (SSI) Payment Dates
For SSI recipients, benefits will arrive on the first of the month. If the 1st of the month falls on a Saturday, Sunday, or a federal holiday, you will be paid on the business day before then.
For example, if the 1st on the month falls on a Saturday, you’ll receive your benefits the Friday before.
2020 Social Security Changes You Should Know About
The Social Security Administration announced several changes that start in 2020 that might affect you.
For a detailed list of those changes, see our article on Social Security COLA increase for 2020 and more.
Here is the summary of the 2020 Social Security changes:
1. COLA Increase
A 1.6% increase in Social Security benefit payments. The increase will begin with benefits that Social Security beneficiaries receive in January 2020.
Increased SSI payments will begin on December 31, 2019.
2. Full Retirement Age Goes Up
Full Retirement Age (FRA) increases for anyone born in 1958 will be 66 and 8 months — a two-month increase.
The full retirement age will increase by two months in 2021 and again in 2022. By 2022, it will be age 67 for anyone born in 1960 or later.
3. Increase in Maximum Benefits
According to the Social Security Administration (SSA) the maximum monthly Social Security benefit that an individual who files a claim for Social Security retirement benefits in 2020 is:
$3,770 for someone who files at age 70.
$2,861 for someone who files at full retirement age (currently 66).
$2,209 for someone who files at 62.
For comparison, the average Social Security retirement benefit in 2019 is $1,461 a month while the average Social Security disability benefit is $1,234.
4. The Earnings Cap Increases
Most workers pay 6.2 percent of their earnings into the Social Security system and employers match this amount.
Self-employed workers contribute 12.4 percent of their paychecks.
However, there is a limit on taxable income for Social Security tax purposes. This is called the earning cap.
The earnings cap is essentially the maximum amount of earned income that is taxed for Social Security. In 2020, the cap will rise by $4,800 to $137,700.
5. Social Security Wage Limit Increases
When you start collecting Social Security benefits, you can still work while collecting your benefits.
However, if you haven’t reached your full retirement age, part or all of your Social Security payments could be temporarily withheld.
In 2020, you’re allowed to earn $18,240 ($1,520 a month) without any withholding if you haven’t hit your full retirement age.
When you reach the $18,240 threshold, the SSA can withhold $1 in benefits for every $2 in earned income above the limit.
2020 Social Security Payment Schedule Summary
We hope this post on the Social Security Payment Schedule 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.