Social Security Payments of up to $5,181 Arriving This Week—What To Know
Social Security recipients up and down the country will receive their monthly payment this week.
More than 75 million Americans receive some form of benefit from the Social Security Administration (SSA), including retirement, spousal, survivor and disability payments. These are made on a monthly basis and paid in one lump sum.
When Will Social Security Payments Arrive?
Social Security payments are generally issued according to a beneficiary’s date of birth. People born between the 1st and 10th of the month are paid on the second Wednesday of each month; those born from the 11th to 20th are paid on the third Wednesday; and those born from the 21st to 31st receive their payment on the fourth Wednesday.
There are some exceptions. People who began receiving Social Security before May 1997, as well as people receiving both Social Security and Supplemental Security Income (SSI), generally receive their Social Security payment on the 3rd of the month, while SSI is paid on the 1st. Sometimes, payment are moved to an earlier business day when the normal payment date falls on a weekend or holiday.
This week, payments will be made on Wednesday, August 19, for those with birthdays between the 11th and 20th of any month.
Following Wednesday’s payment, another round of benefits will be issued on Wednesday, August 26, for those with birthdays between the 21st and 31st.
SSA advises beneficiaries who do not receive a payment when expected to wait three additional working days before contacting the agency.
How Much Is Social Security?
Retirement benefits are determined by a claimants earnings record and the age at which they choose to start collecting payments. Eligible workers may start claiming benefits from age 62, although that will resultsin a lower monthly payment than waiting until full retirement age or later.
Workers generally need 40 Social Security credits to qualify for retirement benefits. Because no more than four credits can be earned each year, most people must work for roughly 10 years before becoming eligible for benefits.
In 2026, someone who earned the maximum amount subject to Social Security taxes throughout their career could receive approximately $4,152 a month if they claimed at full retirement age. Starting benefits at age 62 would lower the payment to about $2,969, while waiting until age 70 could raise it to roughly $5,181 a month.
However, most retirees receive less than the maximum benefit. The average monthly Social Security retirement payment is $2,085.98 as of July this year.
Larger Boost Set For 2027
Social Security benefits are adjusted annually through the annual cost-of-living adjustment, or COLA, to help beneficiaries maintain their purchasing power as prices rise. While the official percentage increase will not be decided until October, estimates of how much beneficiaries could get are being revised after several months of pushed up inflation.
The Senior Citizens League (TSCL), a nonpartisan advocacy group for older Americans, is now forecasting a 3.6 percent Social Security COLA for 2027. That is lower than the 3.8 percent increase it projected in both June and July, but would still exceed the 2.8 percent COLA beneficiaries received this year.
If a 3.6 percent increase were applied to current benefits, TSCL estimates that the average monthly payment would rise by $69.75, from $1,937.53 to $2,007.28. Those benefits are paid to roughly 68.5 million people.
AARP has also revised its forecast downward. The organization said last week that it now expects a 3.5 percent COLA for 2027, down from its previous estimate of 3.6 percent.
The updated forecasts came after the Bureau of Labor Statistics released its latest inflation data last week. The Consumer Price Index for Urban Wage Earners and Clerical Workers, known as the CPI-W, as of July rose 3.4 percent over 12 months.
The July figure carries particular weight for Social Security recipients because it is the first of the three monthly readings used to calculate the annual COLA. CPI-W data from July, August and September will be used to determine the final increase in benefits that takes effect at the beginning of 2027.
“[The] CPI print is the first of the three months that set the COLA for 2027, and it came in soft. That pushes the COLA toward the lower end of the current estimate range between 3.6 percent and 3.8 percent,” Nic Puckrin, the CEO of Coin Bureau and a former Goldman Sachs analyst, told Newsweek. “However, August and September could still skew it back toward the upper end if tensions in the Middle East keep oil prices elevated.”
“If the CPI-W continues on the same downward path, however, the COLA could end up a lot lower still,” he continued. “This means the bigger increase people have been expecting may not materialize. That’s not such a bad thing if it means the cost-of-living crisis is finally being tamed.”