WELFARE
Social Security payment checks on August 21: Who gets one and for how much?
A group of Social Security beneficiaries will receive their monthly payment this Wednesday as the SSA continues to support retired workers.
The Social Security Administration (SSA) is preparing to issue a new payment to beneficiaries of its program, who are mostly retired workers. However, those who are part of the Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) are also on the list of beneficiaries.
To keep proper track of payments, SSA distributes money based on recipients’ birth dates. Those born between the 1st and 10th receive their money on the second Wednesday of the month. Those born between the 11th and 20th receive their money on the third Wednesday, and those born between the 21st and 31st receive their money on the last Wednesday. Workers who retired before May 1997 and those receiving SSI payments are not covered by the above scheme since they receive their money on the first day of the month.
According to the SSA distribution mechanism, the beneficiaries who will receive an average payment of $1,900 dollars this Wednesday will be those born between the 11th and 20th of the month. The rest of the August payments are as follows:
- Wednesday 28th: Beneficiaries with birth dates between the 21st and the 31st
- Friday 30th: SSI beneficiaries (payment corresponding to September)
It is worth mentioning that this is only an estimate, since the exact amount depends on various factors. In the case of retired workers, the years worked, the taxes paid to Social Security during working life and the retirement age of the beneficiary, among others, are considered.
How much money does Social Security distribute?
While the amount of each payment varies by beneficiary, SSA has an official estimates table to provide a broader picture for those seeking to anticipate their payments.
After the 3.4% COLA increase, the average monthly payment for a retired individual is $1,907 by 2024. Retired couples who file their taxes jointly can receive approximately $3,303 dollars per month. SSI beneficiaries, on the other hand, are eligible for an average check of $943 per month for individuals and $1,415 for couples.
Each year, payments are adjusted to match current inflation and prevent beneficiaries from experiencing purchasing losses when the rate is high. This operation is known as the Cost of Living Adjustment (COLA). The COLA increase in 2024 was 3.4%. The new adjustment will be announced in October.