According to Newsweek The Social Security Administration (SSA) is preparing to send out substantial payments this week, continuing its commitment to millions of retirees across the nation. Here’s a breakdown of who will receive payments, how much you can expect, and what to watch for regarding future benefit increases.
Who Will Receive Payments This Week?
Social Security payments are distributed on a staggered schedule throughout the month. For August 2024, payments are being made based on the claimant’s birth date:
- August 14: Retirees who first claimed their benefits after May 1997, who do not also receive Supplemental Security Income (SSI), and have birthdays between the 1st and 10th of any month will receive their payments on this date.
- August 21: Claimants with birthdays between the 11th and 20th will have their benefits issued.
- August 28: Payments are scheduled for those born between the 21st and the end of the month.
If you started claiming before May 1997 or also receive SSI, you should have received your payment at the beginning of the month. If your payment does not arrive on the expected date, the SSA advises waiting three working days before reaching out to them for assistance.
Also Read – $300 Direct Payments for New York Families in August: Key Information and Eligibility Criteria
How Much Can You Expect to Receive?
Social Security retirement benefits vary based on several factors, including your earnings history. The benefits are calculated based on your 35 highest-earning years of your career.
As of June 2024, the average monthly payment for retirees was $1,869.77. However, some retirees could receive as much as $4,873 per month, which is the maximum amount available to those who retire at age 70 and have had a high earning history.
For those retiring at the earliest eligible age of 62, the maximum monthly benefit is $2,710. To estimate your own potential benefits, you can use the SSA’s online calculator available on their website.
Will Benefits Increase?
Social Security benefits are adjusted annually through the Cost of Living Adjustment (COLA), which is tied to the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). This adjustment helps ensure that benefits keep pace with inflation.
For 2024, the COLA increase is 3.2 percent. This follows a significant 8.7 percent increase in 2023, which was granted in response to high inflation rates experienced after the COVID-19 pandemic.
Looking ahead, the Senior Citizens League has projected a 2.63 percent COLA for 2025. However, the official adjustment will be confirmed by the Congressional Budget Office in October.
In Summary
This week’s Social Security payments are crucial for many retirees, and understanding when and how much you will receive can help with financial planning. If you have any issues with your payment or need more information, the SSA is available to assist after a short waiting period. Keep an eye on future COLA adjustments to ensure your benefits continue to reflect changes in the cost of living.
