Social Security Update: Payments of up to $4,873 To Go Out This Week
Millions of Social Security payments will be made this week just in time for the holidays.
The Social Security Administration (SSA) distributes benefit payments to millions of Americans every month—but given the sheer number of beneficiaries, not everyone is paid on the same date. These benefits include retirement, disability and survivor benefits.
This week, on Wednesday, December 18, Social Security retirees with birthdays that fall between the 11th and 20th of any given month in the year will be paid their monthly benefits.
This is not the last payment to be issued this month—if your birthday falls later than this, you will get your money on Christmas Eve, December 24. Retirees with birthdays between the 1st and 10th should have already received their payments on Wednesday, December 11.
A stock image of a Social Security card and U.S. dollars. Payments are made monthly to all recipients.
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Following that, there will be earlier than usual payments for those collecting Supplemental Security Income (SSI) benefits, which will be paid on December 31. Usually SSI is paid on the first day of every month, but due to January 1 being a federal holiday, it will arrive the day before.
The SSA recommends waiting three working days before contacting it if your payment has not arrived.
In January 2024, the average monthly retirement benefit for Social Security claimants was $1,907. The calculation for retirement benefits takes into account an individual’s 35 highest-earning years in their career and the age at which a person began claiming, and is also adjusted for inflation.
On its website, the SSA says: “The maximum benefit depends on the age you retire. For example, if you retire at full retirement age in 2024, your maximum benefit would be $3,822. However, if you retire at age 62 in 2024, your maximum benefit would be $2,710. If you retire at age 70 in 2024, your maximum benefit would be $4,873.”
How much you get will also change in 2025, as the Cost of Living Adjustment (COLA) goes into effect. Beneficiaries can expect a 2.5 percent increase to their payments.
The SSA was forced to implement a hiring freeze in November after Congress denied additional funding for the SSA in its September continuing resolution. A spokesperson for the agency told Newsweek, if it “does not receive an increased appropriation for the entire fiscal year,” that “employees would likely face up to 10 furlough days, which could result in the need to close offices or reduce service levels.”
“This means our field offices, card centers, and the National 800 Number would have reduced levels of service and further delay critical services that the public depends on,” the spokesperson said.