The amount of Social Security payments in the United States can vary depending on several factors that come into play when making the calculation. The Social Security administration takes at least seven basic elements into account when it does the math to determine how much you should receive every month for the rest of your life.
The first thing is the applicant’s income history, since the SSA calculates the benefit based on the average inflation-adjusted income during the 35 years of highest earnings. The higher the income, the higher the profit. One thing that can affect this is some year when you have not contributed or some month when you have contributed less. If some of the 35-year-olds are reported to have zero or less income, that’s going to push down the annual average, and it’s going to result in a smaller paycheck.
What to Know Before Claiming Social Security Benefits
To be eligible for Social Security benefits, a person must have accumulated at least 40 social security credits in those years of work, equivalent to about 10 years of work. A maximum of four credits can be accumulated per year and is based on the amount of money that is entered annually.
The age at which you retire determines how much you will receive per month. The second is the age at which a person decides to apply for Social Security benefits. The full retirement age (FRA) varies depending on the beneficiary’s year of birth, but is generally between the ages of 65 and 67. If you were born before 1938, your FRA is 65 years, but if you were born between 1938 and 1959, your FRA is 65 to 67 years. If you were born in 1960 or later, your full retirement age is 67.
However, you can start receiving your payments from the age of 62 with one caveat: this will result in the automatic and forever reduction of the amount that you will receive from benefits every month for the rest of your life.
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Social Security Cost of Living Adjustments (COLA)
Each year, benefits from Social Security and other federal programs are adjusted based on the cost of living adjustment (COLA), which is based on the Consumer Price Index for Urban Wage Earners and Administrative Workers (CPI-W) from the Bureau of Federal Statistics.
In 2024, the COLA adjustment was 3.2%, less than half of the 2023 number that was 8.7%, one of the highest in Social Security history. For 2025, there are at least two COLA adjustment estimates that can be applied: the Senior Citizens League has projected between 2.5% and 2.66%, while the Congressional Budget Office (CBO) sees a 2.5% increase possible. These numbers are going to vary because there are still months left in the calendar before the numbers close and the final increase is given.
The last factors have to do, for example, with taxes and other deductions at the state and federal level that can reduce the net amount received per month in insurance payments. It is important to always be informed of what the tax burdens are for retiree benefits, retirement savings and social security payments in the state where you live.
Finally, the social Security benefit may also be affected if a person receives spousal or survivor benefits. Spouses, ex-spouses and survivors may be eligible to receive a portion of the worker’s benefit, which may influence the total payment calculation. The marital status of the beneficiary may also play a role in the amount of benefits. Married couples may have different options for maximizing their combined benefits, which can impact the amount each receives.
June Social Security Payment: Two Groups of Retirees and SSDI Beneficiaries Already have their Dates
The social Security calendar makes a total of four payments in the month of June, although there are usually five. The fact that there is one less payment is due to the particularity of the Social Security administration that, as a rule, does not make shipments on weekends or holidays.
This happened with the beneficiaries of Supplemental Security Income (SSI), whose date is the 1st of each month. Since June 1st was a Saturday, the payment of these people arrived on May 31st and that’s how last month these individuals received two payments, adding the one from May 31st to the one from June 1st.
Then, SSDI and Social Security retiree benefit payments are made following the well-known rule of the second, third, and fourth Wednesday of each month with a small change that we explain below:
- Monday, June 3: Beneficiaries who began receiving their payments before May 1997 and/or beneficiaries who receive both Social Security and SSI.
- Tuesday, June 18th*: Beneficiaries with date of birth between 11th and 20th.
- Wednesday, June 12th: Beneficiaries with date of birth between 1st and 10th.
*Due to the Juneteenth Day holiday on June 19th, Social Security payments for the second Wednesday of the month have been moved to Tuesday, June 18th.