Vonda VanTil, the Social Security's public affairs specialist, has some interesting facts on Social Security "paydays" for those new to the system.
She mentions that generally the day you receive your benefit depends on the birthdate of the person on whose work record you receive benefits.
So, if you're receiving benefits on your own work record, your benefit payment date will be determined by your own birthdate.
If you're receiving Social Security benefits as a spouse, then the benefit payment date is determined by your spouse's birthdate.
It works like this:
Birthdate on Benefits paid every month on:
1st thru 10th Second Wednesday
11th thru 20th Third Wednesday
21st thru 31st Fourth Wednesday
So, if your birthday is June 16th, your monthly retirement check will be paid on the third Wednesday of the month.
Because the third Wednesday might fall on a different date every month, Social Security has a calendar showing 2006 payment dates here.
Ms. Van Til can be contacted at the Social Security office in Grand Rapids: 50 College SE, Grand Rapids MI, 49503. Social Security can be reached nationally at 800-772-1213. Their special line for the hearing impaired is 800-325-0778
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Should you decide that a reverse mortgage is right for you, you don't have to be concerned about whether payments will affect your Social Security.
Generally, the money you receive from a reverse mortgage does not affect your Social Security. Of course, you should consult your financial advisor with any questions.
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