The Social Security Administration (SSA) continues sending payments to retirees following its normal calendar, with the logic of Wednesdays, as usual every month.
Tens of millions of Americans receive various types of benefits each month, whether by bank deposit or check. In the case of the bank deposit, it arrives on the estimated date, since it is an electronic transaction that is carried out instantly. In the case of checks, they sometimes take two, three or more days, depending on postal mail times.
This week, the SSA will be sending checks to pension beneficiaries and Social Security Disability Insurance (SSDI) who have birthdays between the 11th and 20th of any month. Payment will be on August 21, that is, the second Wednesday of the month.
Those who had a birthday between the 1st and 10th of any month received their payment last week, on the second Wednesday of August, while those who had a birthday between the 21st and 31st of any month will receive their money on August 28, that is, the fourth Wednesday of the month.
Even if your payment is by bank transfer, the SSA recommends waiting three business days before contacting us to complain if your payment has not arrived.
Benefits of up to $4,873 for a few: Not everyone qualifies for the maximum Social Security Check
Remember that the benefits you receive are calculated based on several factors, such as the age at which you claimed your payments, how many years you made tax contributions Social Security, and what your salaries were during the best 35 years.
The most a beneficiary can receive in 2024 is $4,873 per month, and it is only available to those who begin applying for benefits at age 70 and had income near the highest threshold set by the SSA.
A weak increase in COLA by 2025: How much will profits grow?
Although in other years we have had increases of up to 8.7% in the cost of living adjustment (COLA) of the Social Security (and other benefits like SNAP), payments for 2025 are expected to increase well below the 3.2% that applied for 2024.
This month, the Senior Citizens League (TSCL) said Social Security payments are expected to rise by 2.57 percent, following an earlier prediction of 2.63 percent. This is because inflation has been more controlled in recent months and stood at 2.9% in July. A lower inflation rate is good for the American consumer because the prices of goods and services increase little, but it is bad news for beneficiaries of the Social Security and SNAP, since their payments will increase less than they would like.
How is the cost of living adjustment calculated (COLA)?
Your benefit from Social Security It is determined based on how much money you earned during your working years and when you started claiming your benefits. Additionally, they are recalculated every year based on price increases, with increases applied to keep pace with inflation.
Every year, the Social Security Administration (SSA) reviews the consumer price index, known as CPI-W, of the third quarter (July, August and September) of the current year compared to the same period of the previous year. If the index has increased, a COLA to increase the benefits of retirees, disabled and other beneficiaries of the Social Security starting in January of the following year. If the cost of living has decreased or remained stable, no adjustment is made.
