Social Security is responsible for providing four rounds of payments to qualified retired workers in the United States. Without these Social Security check payments, millions of retired Americans won’t be able to cover their essential needs, such as housing, food, healthcare, and entertainment, as well as keep pace with rising inflation. According to the Social Security Administration, millions of retirees will receive a new Social Security payment this week on Wednesday, August 21st. It is important to note that to qualify for this payment, retired workers should meet the following conditions:
- Have claimed their first Social Security payment after May 1997
- Be born between the 11th and the 20th
As of September 2023, the Social Security Administration estimates that nearly 67 million people will be receiving monthly Social Security benefits, 52 million of whom will be retired workers. Furthermore, the Social Security Administration predicts that by 2024, more than 180 million people will be working in Social Security-covered jobs and paying Social Security taxes.
How much will retired Americans receive on average Social Security check payments this week?
On average, retirees will receive monthly benefits worth up to $1,900 but there are other payment amounts available depending on their full retirement age, working history, and the average amount of Social Security taxes paid through their professional career. For instance, if they claimed benefits at age 62 or before reaching full retirement age, they could qualify for a $2,710 monthly check in retirement, while those who waited until reaching full retirement age or 67 years old can receive up to $3,822 per month. Excluding these two payment amounts, retirees can also qualify for a maximum Social Security check of $4,873 if they made Social Security contributions based on their maximum taxable earnings for the past 35 years.
Additionally, beneficiaries from the retirement program should also be aware that these monthly benefits already include the 3.2% boost from the cost of living adjustment (COLA), which is regularly announced between the second and third weeks of October. Until now, according to projections, the COLA for 2025 could be lower (2.65%) than the current percentage for 2024. For this reason, beneficiaries must start to consider alternative sources of income, as those who rely only on their monthly Social Security check may not have enough money to cover the overall rising prices.
Social Security check dates are confirmed for the next two weeks
Based on the Social Security payment schedule, there are two Social Security checks scheduled to be mailed this month. Those retirees who collected benefits after May 1997 will receive their monthly benefits on the following dates:
- On August 21st, the Social Security check will be available for those born between the 11th and 20th
- On August 28th, the Social Security check will be available for those born between the 21st and 31st
Remember that if your Social Security check doesn’t arrive on the scheduled date, wait at least three mailing days before contacting SSA’s customer service, as this delay may be due to your bank processing the payment. Besides customer service, you can also access your “My Social Security Account,” where you will find additional information about your monthly benefits and payment amount, download financial statements, and request further processes.
Survivors and disabled people will also receive a new Social Security check on Wednesday
Apart from retired workers, other beneficiaries, such as survivors and disabled people, will also receive their monthly benefits on Wednesday. However, according to the SSA’s guidelines, they will receive different payment amounts, as here detailed:
| Social Security check amounts | Survivors benefits | Disability benefits |
| On average | $1,505 | $1,537 |
| Other payments | Individual: $1,773
2 Children: $3,653 |
Blind recipients: $2,590
Maximum payment: $3,822 |
