Social Security Deposits of up to $4,873 To Be Paid Out This Week
Social Security checks worth up to $4,873 will be paid out later this week.
Each month, the Social Security Administration (SSA) issues benefits to retired Americans, individuals with disabilities and surviving family members of deceased workers. Given that there are several categories of payments and about 70 million payees, not every claimant receives their money on the same date.
When your benefits are paid out depends on several factors, including your date of birth and what type of benefit you collect. This week, beneficiaries with a birthday that falls between the 1st and 10th of any given month will be paid their allotment on Wednesday, November 13. This does not include those who collect Supplemental Security Income (SSI) or those that have been claiming retirement benefits since before May 1997.
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Following this, those claimants who have a birthday between the 11th and 20th will receive their monthly amount on November 20. Finally, any claimant born between the 21st and 31st of any month will have their benefits paid on November 27.
If you have been claiming since before May 1997 or you also claim SSI, you should have been paid at the beginning of the month. Those who do not receive benefits on their expected date should wait three mailing days before contacting the SSA.
A stock image of a Social Security card and three $100 bills. Payments are made every month to all recipients, but not everyone is paid on the same date.
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Social Security retirement benefits vary for each person. The amount you receive is based on the 35 years of your career in which you earned the most.
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As of June 2024, the average monthly payment for retirees receiving Social Security benefits was $1,869.77, though some may receive up to $4,873 per month, a maximum is available only to those who retire at age 70. If a worker opts to retire and start receiving their Social Security checks at the earliest possible age of 62, their maximum monthly benefit would be $2,710.
Benefit amounts will soon rise however, in line with the annual Cost of Living Adjustment (COLA). For 2025, benefits are subject to a 2.5 percent increase.
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“Social Security benefits and SSI payments will increase in 2025, helping tens of millions of people keep up with expenses even as inflation has started to cool,” Martin O’Malley, commissioner of Social Security, said as part of the announcement made in October.
The government agency said that on average, benefits will be boosted by about $50 per month beginning in January.
However, it is a far cry from other COLA updates in recent years, which have been higher than usual due to rampant inflation caused by the coronavirus pandemic.
“The 2025 COLA will be the lowest received by Social Security beneficiaries since 2021, at the same time inflated prices persist on key essentials such as housing, meats, auto insurance, any type of service and repairs,” independent Social Security and Medicare policy analyst Mary Johnson told Newsweek in October.
Johnson continued: “Despite it being the lowest COLA since 2021, a 2.5 percent COLA would be considered about average.”