Payments for retirees collecting Social Security benefits will be made this week. As tens of millions of Americans claim various types of benefits every month, not everyone is paid on the same day. This week, checks administered by the Social Security Administration (SSA) will be paid to beneficiaries with birthdays that fall between the 11th and 20th of any given month on Wednesday, August 21.
Those with birthdays between the 1st and 10th of a month were paid last week, and those with birthdays falling between the 21st and 31st will receive their payments next Wednesday, August 28. Social Security payments of up to $4,873 will be paid to some beneficiaries this week. The SSA advises waiting three working days before getting in touch if your payment hasn’t arrived as scheduled.
The amount each recipient gets varies and depends on several factors, including the age at which they started claiming and their earnings during their highest-paid years of work.
Social Security August payment schedule
The most one can receive in 2024 is $4,873 per month, an amount available only to those who begin claiming benefits at 70 years of age.
If you start claiming at the earliest age possible, the maximum benefit would be $2,710. Benefits are adjusted annually for inflation, commonly known as the Cost of Living Adjustment (COLA). Independent Social Security and Medicare policy analyst Mary Johnson recently stated that she expects seniors to receive a 2.6 percent boost on their monthly payments.
In its latest prediction, The Senior Citizens League (TSCL) anticipated a 2.57 percent increase. Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, commented, “The estimates we’re seeing of COLA for 2025 signal an encouraging sign of cooling inflation. At the same point, seniors may look at this and still be frustrated, because the estimate still points to higher prices on many items sticking around.
It’s progress, but perhaps not enough for seniors who are exhausted from seeing prices substantially over their pre-pandemic amounts.”
The official COLA for 2025 is set to be announced in October.
