Social Security payment checks on August 28: Who gets one, and for how much?

The Social Security Administration (SSA) is preparing to issue the last round of payments for August as the summer winds to a close. In this article, we will discuss all those who will receive a check this week, including retired workers on Social Security and recipients of Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI).

SSA distributes money based on recipients’ birth dates to keep proper track of payments. 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. The above scheme does not cover workers who retired before May 1997 and those receiving SSI payments 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 this Wednesday will be those born between the 11th and 20th of the month. The rest of the August payments are as follows:

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. As one can see, retired workers on Social Security receive the most generous payments, followed by survivor benefits ($1,509.50 average in July) and eligible spouses and children of retired workers ($910 and 892.39, respectively).

After the 3.4% COLA increase, the average monthly payment for a retired individual is $1,907 by 2024. Retired couples filing their taxes jointly can receive approximately $3,303 monthly. On the other hand, SSI beneficiaries 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 3.2%. The new adjustment will be announced in mid-October.