This week marks another round of Social Security retirement checks for eligible recipients.
The Social Security Administration (SSA) distributes payments to millions each month, including retirement, disability, and survivor benefits. This year, around $1.5 trillion is expected to flow to beneficiaries nationwide.
On Wednesday, September 18, retirees born between the 11th and 20th of any month will receive their monthly checks.
Earlier in September, some recipients already got their payments:
- Those receiving only Supplemental Security Income (SSI) were paid on August 30.
- Beneficiaries who have received Social Security since before 1997 or who claim both retirement benefits and SSI were paid on September 3.
- Those with birthdays from the 1st to the 10th received their payments on September 11.
If you were born between the 21st and 31st, you’ll see your checks on September 25.
While there isn’t a Cost of Living Adjustment (COLA) just yet, we expect an announcement about the increase for 2025 in October. Analyst Mary Johnson predicts a 2.5 percent COLA for retirement and disability benefits, slightly lower than previous estimates.
This means a beneficiary currently receiving $1,870 per month might see an increase of about $46.80 next year.
As of January 2024, the average monthly retirement benefit stands at $1,907, calculated based on the 35 highest-earning years adjusted for inflation.
The SSA notes that maximum benefits depend on the age of retirement. For instance, retiring at full retirement age in 2024 could yield a maximum benefit of $3,822, while retiring at 62 would give a maximum of $2,710. Those waiting until age 70 could receive up to $4,873.
The official COLA announcement is set for October 10, with adjustments based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the third quarter of the year (July to September).
In 2024, recipients enjoyed a 3.4 percent increase in payments, following a record 8.7 percent rise in 2023 due to high inflation during the pandemic.