Federal shutdown: Where's my Social Security check?

Good news for retirees: If the federal government shuts down late Friday night, those who collect Social Security will continue to receive their checks (mail will be delivered) or direct deposits to their bank accounts. 

But what if you've just applied for benefits? They likely won't be processed immediately.

Here's what happened to Social Security the last time politicians pulled this stunt, way back in 1995, according to Ed O'Keefe at The Washington Post's Federal Eye blog: Post continues after video.

During the first shutdown, about 4,800 agency employees stayed on the job to ensure beneficiaries continued receiving checks, according to a Congressional Research Service report.

Another 61,000 other workers had to stay home, but officials quickly reconsidered after realizing they didn't have enough employees available to answer telephone calls from beneficiaries or to process new claims, the report said. Other adjustments were made during the longer shutdown that stretched from Dec. 1995 into Jan. 1996.

There are other possible impacts to personal finances if Congress and the White House can't resolve the budget impasse. A post by Emi Kolawole at Federal Eye answers many of your questions and is being updated regularly as more information emerges this week.

Some details are already known. For instance:

• New business and homebuying plans may have to be put on hold. The Detroit Free Press says:

New loans from the Small Business Administration would be held up indefinitely. So would new loan guarantees from the Federal Housing Administration, which guarantees about a third of the nation's mortgages.

• Processing of paper tax returns would halt, so if you didn't file electronically, your refund could be delayed. (Another reason to stop doing taxes the old-fashioned way.)
• If your medical procedure is paid for by Medicare, there might be a delay in processing the payment, but you'll still get the care you need. (Also, the Veterans Health Administration wouldn't be affected.)

No pay, no paychecks

What about the 800,000 or so federal employees who will be deemed nonessential and barred from working during a shutdown? (Federal employees are prohibited by law from donating their time on the job.) Furloughed employees should consult this federal website.

It's yet to be determined whether they will be paid for any forced time off. They were after the last shutdown, but Congress makes that call and you can probably guess how that will go this time around. "It is highly unlikely that about 1 million federal employees who are not working will ever be reimbursed," Rep. James Moran, D-Va., predicted.

• How do your finances stack up?

Hopefully those "nonessential" employees have anticipated the shutdown and built up an emergency fund to keep paying the bills while they sit at home and wait.

• Do I have too much debt?

Same goes for the government employees who won't be sent home. The Free Press said:

Essential personnel, including those in the military, those in law enforcement and those responsible for the safety of people and property, would remain on the job. It was in question whether they would receive pay once the government officially runs out of money, however.

For instance, military personnel who remained on the job would still earn their pay but would not actually receive it until a funding bill was passed by Congress.

Other news outlets said military personnel, who will be in the middle of a two-week pay period if and when the government shuts down, will get paid for one week and that's it -- until Congress approves funding again.

And let's not forget the folks who live in the nation's capital. If the government shuts down, trash collection in D.C. will stop.

What do you think about this possible disruption of government services and people's lives -- unnecessary bickering or essential political theater? If you would be affected, what are your plans?

More from MSN Money:

• No extra time for taxes if government shuts down
• 13 ways a government shutdown could hurt you
• How the national debt affects you?
• Social Security won't mail annual statements
• 7 ways to fix America
• Meet the woman the banks fear