This week brings welcome news for retirees born between the 11th and the 20th, as they are scheduled to receive a new Social Security check on Wednesday, August 21st, according to the Social Security payment schedule. Every month, the Social Security Administration (SSA) distributes four rounds of payments to eligible retirees across the United States, providing crucial financial support. These payments are essential for millions of retirees who rely on them to cover living expenses such as housing, food, healthcare, and even discretionary spending amid rising inflation.
Eligibility and Payment Details
To qualify for the upcoming payment, beneficiaries must meet several criteria beyond just being born between the 11th and the 20th of the month. They must have claimed their first Social Security check after May 1997, fulfilled full retirement conditions, and contributed to Social Security for at least ten years. According to SSA data from September 2023, about 67 million Americans receive Social Security benefits, including 52 million retired workers. Additionally, the SSA estimates that by 2024, over 180 million people will be working in jobs covered by Social Security and paying the associated taxes.
Social Security Benefit Amounts
The amount retirees will receive in Social Security benefits varies based on their work history, full retirement age, and the amount of Social Security taxes paid throughout their careers. On average, retirees can expect monthly benefits of up to $1,900. However, specific payment amounts can differ. For instance, those who claimed benefits at age 62 or earlier might receive a check of around $2,710, while individuals who waited until age 67 or their full retirement age could receive up to $3,822 per month. Moreover, retirees who contributed to Social Security based on the maximum taxable earnings over the past 35 years might be eligible for a maximum monthly check of $4,873.
Additionally, this week’s payment includes a 3.2% increase from the cost of living adjustment (COLA). The COLA for 2025, expected to be announced in October, is projected to be around 2.65%, slightly lower than the 2024 adjustment. Given this decrease, beneficiaries relying solely on Social Security may need to explore other income sources to cope with rising living costs.
Upcoming Social Security Payments
Retirees born between the 21st and 31st can anticipate receiving their Social Security checks soon, with the next payment scheduled for Wednesday, August 28th. According to the official payment schedule, retirees who began collecting benefits after May 1997 will receive their monthly payments on the following dates:
- Wednesday, August 21st: For those born between the 11th and 20th.
- Wednesday, August 28th: For those born between the 21st and 31st.
If your Social Security check does not arrive on the expected date, allow at least three mailing days before contacting SSA customer service. Additionally, you can access financial statements, request services, and obtain more information about your monthly benefits by logging into your “My Social Security Account.”
Additional Payments for Other Beneficiaries
On August 21st, besides retirees, other Social Security beneficiaries, including survivors and disabled individuals, will also receive their monthly benefits. The payment amounts vary according to SSA guidelines:
| Social Security Check Amounts | Survivors Benefits | Disability Benefits |
|---|---|---|
| On Average | $1,505 | $1,537 |
| Other Payments | Individual: $1,773 | Blind recipients: $2,590 |
| 2 children: $3,653 | Maximum payment: $3,822 |
These payments are crucial for supporting various groups of beneficiaries, ensuring they have the financial resources needed to cover essential living expenses.
FAQs:
What should I do if my Social Security check is delayed?
If your check does not arrive on the expected date, wait at least three mailing days before contacting SSA customer service. You can also check your payment status by logging into your “My Social Security Account.”
How is my Social Security benefit amount determined?
Your benefit amount is based on your work history, the age at which you claim benefits, and the Social Security taxes you’ve paid over your career. The SSA calculates benefits using your highest-earning 35 years of work.
Will my Social Security payment increase next year?
The COLA for 2025 is expected to be announced in October 2024. While estimates suggest a 2.65% increase, it is lower than the 2024 adjustment, meaning your payment may not increase as much as it did this year.