This week, thousands of beneficiaries are set to receive up to $4,873 in Social Security direct bank deposits. Those payments hit accounts on Wednesday, August 23, 20241. Good news for so many retirees who really depend on this income to get by daily.
The Social Security Administration (SSA) has a schedule for distributing payments. This week, those whose birthdays fall between the 11th and 20th of any month will be receiving their payment. This is part of the usual monthly distribution cycle. The people whose birthday falls between the 1st and 10th have already received their payments last week. Those whose birthday is between the 21st and 31st will get their payments next week.
Who Will Receive the Payments?
The amount is beneficial but not of the same quantum to every individual. Depending on various aspects, such as the age a person started claiming the benefits and the number of years in which a person’s earning was at their maximum, are what determine how much each person receives. The maximum amount stands at $4,873, but this is only for the very select group that started claiming at the age of 701.
Significant numbers of recipients receive less than these monthly maximums. Retired workers, on average, only receive around $1,9062. SSI goes to disabled persons and workers with very low to no income, and its average monthly payment is $1,5372.
Why Are These Payments Important?
For most Americans, the checks from Social Security are a lifeline. They help pay for housing, food, and medical care, cutting those expenses down to essentials. Most importantly, they represent a significant share of retiree income for most people who get them. The SSA indicates 87 percent of claimants of benefits as of this June were retirees and their family members 1.
What to Do If You Don’t Receive Your Payment
They recommend having a 3-workday clock after the day one expects their benefits before contacting them if their benefits have not been received on the stated date1. This provides for the maximum tine for any delay that may occur in the banking system especially. If payment is not received after the lapse of the three days, the SSA advises the recipient to call them for assistance.
Good news at last for Social Security beneficiaries as news slides in that their benefits are projected to receive a major bump up in 2025. This would be in the form of a COLA or Cost of Living Adjustment, an increase considered such that citizens can combat crippling inflation. According to independent Social Security and Medicare policy analyst Mary Johnson, who recently told Newsweek, seniors are likely to experience a 2.6% boost in their monthly payments. Based on similar economic indicators, the Senior Citizens League (TSCL) is also predicting a parallel bump of 2.6% for the same.
John joined blainecountycruise as the Associate Games Editor in 2022. With a Journalism degree and four years of freelancing experience, she is your expert on everything from CoD and Apex Legends to Genshin Impact and Monster Hunter. You can reach her at [email protected].