Hey there! Today, millions of folks on Social Security are getting their monthly payments, which could go up to $4,873!
The Social Security Administration pays out monthly benefits to retirees, disabled individuals, and surviving family members. Around 67 million people fall under this umbrella.
If you were born between January 1 and October 10 and have never claimed Social Security or receive Supplemental Security Income (SSI), you’re in line for today’s payment.
Remember, the SSA suggests giving them three days after your payment due date before reaching out.
This month’s payment schedule has shifted a bit. Normally, payments are made during the second week, but June’s payments are rolling out this third week starting June 10th.
Payments have shifted from the first to the third week due to the calendar. But fear not, the wait is standard for folks with birthdays in the first 10 days of each month.
While these changes might be unusual, they are planned for August and November this year per the SSA payment schedule.
Those on Social Security can receive a maximum of $4,873 monthly. Your payment amount is based on your work history and earnings. As of January 2024, the average monthly benefit was $1,907.
The Cost of Living Adjustment (COLA) won’t kick in until the next fiscal year. Benefits usually rise based on the Consumer Price Index for Urban Wage Earners and Clerical Workers.
In 2024, Social Security Benefits will see a 3.2% increase. After a record-high 8.7% boost in 2023 due to pandemic-driven inflation, the 2025 rise remains a mystery until October’s announcement, projected around 2.5% per the Congressional Budget Office.