Photo by Zhang Fengguo / Xinhua via Getty Images Social Security payments are primarily distributed according to beneficiaries' birth dates

Photo by Zhang Fengguo / Xinhua via Getty Images

Social Security payments are primarily distributed according to beneficiaries’ birth dates

The Social Security Administration distributes millions of payments each month.

When you will receive your payments typically depends on your birthday, and in some cases, when you began receiving benefits.

The Social Security Administration distributes benefits to almost 74 million people each month. Here is when to expect yours in December.

Payments are primarily distributed according to beneficiaries’ birth dates. However, for those who began receiving retirement, spousal, or survivor benefits before May 1997, they typically receive their payments on the 3rd of every month.

Supplemental Security Income, a program that provides additional income for people with disabilities and adults 65 and older with little to no income, is distributed separately from Social Security benefits at the start of every month. In some cases, when the beginning of the month coincides with a weekend or holiday, SSI benefits will be distributed in the preceding month.

As Social Security beneficiaries are on a fixed income, knowing when they will receive their payments is essential for creating their budget and managing their financial obligations.

Here is how the checks will be distributed for the rest of the year:

In December, checks will be issued:

Dec. 1 – SSI payments will be paid to those who are qualified.

Dec. 3 – Retirement benefits will be paid to those who have been collecting since before May 1997.

Dec. 10 – Retirement, spousal, and survivor benefits will be paid to those born between the first and 10th of any month.

Dec. 17 – Benefits will be paid to those with birthdays between the 11th and 20th of any month.

Dec. 24 – Benefits will be paid to those with birthdays between the 21st and 31st of any month.

Dec. 31 – SSI payments will be paid to those who are qualified for January.

Are you a Social Security recipient? Investopedia wants to know if your Social Security benefits cover your monthly costs.

What is your current Social Security situation?

Read the original article on Investopedia