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By Aliss Higham
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A select group of Social Security recipients will be getting their retirement checks this week.
Social Security retirement benefits are paid to more than 60 million Americans every month, but due to the sheer numbers of people and amounts being paid, not every recipient is paid on the same day. Payments are divided up through the month, and when a beneficiary receives their money is dependent on when they were born.
On July 17, those with birthdays between the 11th and 21st of any given month in the year will be paid their monthly amount. This applies only to those who have not been claiming Social Security since before 1997. Recipients born on dates earlier in the month should have already received their checks, and those with birthdays falling between the 21st and 31st will get their money next Wednesday, July 24.
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Those who get Social Security Disability Insurance are also paid according to when their birthday is. If you collect Supplemental Security Income (SSI), which is for disabled people with low- to no-income, or have been receiving Social Security payments since before May 1997, you should have received your money on July 1 and July 3, respectively.
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The SSA recommends waiting three working days before getting in touch if your payment hasn't arrived as scheduled.
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Not every Social Security recipient gets the same amount, and how much you're paid is dependent on a few factors, including the age you started claiming and how much you earned during your highest-paid years of work.
The most you can get in 2024 is $4,873 per month, which will likely rise in 2025 due to the Cost of Living Adjustment (COLA). Benefits increased by 3.2 percent, which came into effect in December 2023 for SSI recipients and January this year for those who get other Social Security benefits. The next COLA calculation will be announced in October.
In 2024, the maximum is available only to those who retired at age 70. If you stop working and begin claiming your retirement benefits at 62, the earliest age possible, your maximum benefit would be $2,710. The average amount paid out in January this year was $1,907, according to the Social Security Administration (SSA).
The full retirement age is 66 if you were born from 1943 to 1954, while the full retirement age increases gradually if you were born from 1955 to 1960. For anyone born in 1960 or later, full retirement benefits are payable at age 67.
Retirees can check how much money they should get using SSA's online calculator.
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