This week, payments for retirees on Social Security are hitting bank accounts!
As millions of Americans receive various benefits monthly, payment dates vary. In June 2023, retirees and family members accounted for a whopping 87% of Social Security claims.
Specifically, payments will be issued on Wednesday, August 21, for those whose birthdays fall between the 11th and 20th of the month. If your birthday is between the 1st and 10th, you were paid last week, and for anyone born between the 21st and 31st, payments will arrive next Wednesday, August 28.
For those waiting on a payment, the Social Security Administration (SSA) recommends waiting three business days before reaching out if it’s not received on time.
It’s important to note that payment amounts vary by individual. Factors influencing how much you receive include when you start collecting and your earnings during your top-earning years. For 2024, the maximum monthly benefit is set at $4,873, for those who begin claiming at age 70, while if you start at the earliest age of 62, the max you could receive is $2,710.
Looking ahead, benefits are projected to increase in 2025 due to the Cost of Living Adjustment (COLA). This adjustment is expected as inflation dipped to 2.9% in July, down from 3% in June. This drop is generally welcomed by consumers since it indicates more stable prices.
However, this decrease may also mean that Social Security recipients could see smaller payment increases next year. As one expert pointed out, while it’s a step in the right direction, many seniors might still feel the pinch from ongoing high prices relative to pre-pandemic levels.
Stay tuned for the next COLA update, set to be revealed in October!