If you were born between the 11th and 20th of any month, you are likely among the people set to receive a Social Security payment this week. The SSA operates on a set schedule of payments based on birth date. The schedule determines when, during the month, beneficiaries can expect to receive their monthly check. More in this news analysis on those payments including amounts, eligibility, and how recent cost-of-living adjustments may have affected them.
Social Security payment schedule
The SSA disburses Social Security on a monthly payment schedule based on the recipient’s birth date. For example, people born from the 11th to the end of the month get theirs on the third Wednesday. For example, in August 2024, those whose birthdays are between 11 and the end would fall on August 21. It helps the SSA keep up with their cash flow and keeps millions of beneficiaries in the clear with their checks on time.
Benefit payments and adjusting factors
The benefit amount for Social Security is very variable between persons due to quite a few factors. Main factors include the earning history, the age of retirement, and cost-of-living adjustments applied each year.
- Maximum possible benefit: Maximum Social Security benefit in 2024 is $4,873; assuming people retire at the age of 70, this highest monthly benefit stands for the maximum earnings over a lifetime of work.
- Average benefit payment: The average Social Security retirement benefit is much lower, at about $1,907 monthly for many retirees. This difference shows just why planning is important for retirement, but more importantly, understanding how your benefits are calculated.
- Early vs Full Retirement payment: If you should choose to retire at age 62, on average, your benefits will be greatly reduced to around $2,710 a month. Deciding to retire at full retirement age, which is usually 67, you could book around $3,822 monthly.
The SSA benefits have a yearly increase that is inflated by COLA, in consideration of increases in the cost of living. In 2024, COLA was pegged at 3.2%, and thus most of the beneficiaries’ payments per month rose by an average of $50.
Eligibility and application process
One must have worked or contributed toward the Social Security system for at least 40 quarters (10 years) to be entitled to benefits. You will get amounts based on the highest-earning years of your life, the last 35 years of it.
- Apply: If you do not currently collect Social Security, you can apply for it online via the SSA website, by phone, or contacting your local SSA office; applications should be made three months prior to actually receiving the benefits.
- Supplemental Security Income (SSI): Remember, SSI payments are made to those with limited income and resources, so SSI payments are usually made on the first of the month, regardless of the birth date. This may cause some confusion, because SSI and Social Security payments may be received by a person.
If you expect a Social Security payment but don’t receive it on the scheduled date, the SSA advises waiting three additional mailing days before taking further action. This allows for any distribution delays in the mail. If the payment is yet to be there, you can turn to the SSA at 1-800-772-1213, and help will be forthcoming.
In this case, those citizens born between the 11th and 20th of the month can receive a Social Security check of up to $4873 this week; this depits structure in the payments at the SSA. A cautious estimation is very necessary when planning; hence, an individual should understand what conditions make their benefit vary, the retirement age conditions, and COLA adjustments. Given that millions of Americans view their Social Security as a major source of income in retirement, it behooves one to be current on that program’s benefits and payout schedules to avoid going into financial disarray.
