The Social Security Administration (SSA) is gearing up to disburse payments to eligible retirees over the next few days.
If you’re among the many waiting for your Social Security check, here’s what you need to know about the upcoming payment schedule, eligibility criteria, and what to expect.
Social Security Payments Worth $1,919 Payment Schedule
For those eagerly awaiting their next Social Security retirement benefits, two key dates are approaching:
- August 21: If your birthday falls between the 11th and 20th of the month, you should receive your payment on this date. This payment includes the 2024 Cost of Living Adjustment (COLA), a boost applied earlier in the year to help retirees keep pace with inflation.
- August 28: Seniors whose birthdays fall between the 21st and 31st can expect their payment on this date. To qualify for this payment cycle, you must have started collecting Social Security after April 30, 1997.
These payments represent the regular monthly benefits that retirees rely on, and they will continue to include the 2024 COLA adjustment until the new COLA for 2025 is implemented in January.
However, be aware that the 2025 COLA is projected to be a modest 2.57%, according to the Senior Citizens League. This means that the increase in your benefits may not be as substantial as it has been in previous years.
SSI and Dual Recipients
If you’re both a Social Security retiree and a Supplemental Security Income (SSI) recipient, the payment schedule is slightly different. SSI recipients will receive their September payment on August 30, 2024.
However, if you receive both retirement benefits and SSI, you won’t qualify for the August 28 Social Security payday. Instead, your retirement payment will arrive on September 3, 2024.
Average and Maximum Payments
The average Social Security payment for retirees is currently $1,918 per month, as reported in the SSA’s July 2024 Monthly Statistical Snapshot.
However, the maximum benefit can reach as high as $4,873, depending on factors such as your earnings history and the age at which you started collecting benefits.
The specific amount you receive will vary based on your work history, the age at which you retired, and other factors.
Delays and Paper Checks
If you’re one of the recipients still receiving a paper check rather than direct deposit, your payment might take a bit longer to arrive. While most checks are delivered on time, you should allow for up to three mailing days before reporting a late payment.
It’s always advisable to switch to direct deposit if possible to avoid these delays.
Planning for Future Payments
While it’s crucial to keep track of your upcoming payments, it’s also important to plan for the future. With the 2025 COLA expected to be lower than recent years, it’s a good idea to review your budget and make any necessary adjustments.
The SSA continues to provide vital financial support to millions of seniors, but staying informed and prepared can help you make the most of your benefits.
FAQs
When will retirees with birthdays from 11-20 receive their payment?
They will receive it on August 21.
What if my birthday is between the 21st and 31st?
You will receive your payment on August 28.
Can I receive Social Security and SSI payments on the same day?
No, dual recipients receive SSI on August 30 and Social Security on September 3.
What is the average Social Security payment for retirees?
The average payment is $1,918 per month.
Will the 2025 COLA be higher than in previous years?
No, it’s projected to be just 2.57%, lower than in recent years.
