The Social Security Administration makes millions of payments to beneficiaries of its programs, just as regularly as it makes payments to retiring workers, survivors, Disability Insurance beneficiaries, or Supplemental Security Income (SSI) policy beneficiaries. The delivery of payments is carried out according to a calendar, whereby the processing of payments is organized regardless of the beneficiaries’ dates of birth. Wednesday becomes payday: those born between the 1st and 10th of any given month receive their payments on the second Wednesday; those born between the 11th and 20th, on the third; for those born between the 21st and 31st, on the fourth Wednesday. In contrast, workers who retired before May 1997 do not have to take the calendar into account; SSI recipients are paid on the first day of each month, regardless of their date of birth.
How much money can I receive from Social Security?
The amount of the corresponding Social Security payments will vary from person to person, depending on the characteristics of the beneficiary’s job and the age at which the pension starts. Nevertheless, the Social Security Administration provides official forecasts that allow the person concerned to get a more accurate picture of the situation when planning his or her finances in the near future.
The monthly average in 2024 for retirees filing individually is $1,907; for couples filing jointly, the average rises to $3,303. For SSI recipients, the average is $943 per month for individuals and $1,415 per month for couples.
Who will receive $1,900 in Social Security benefits this December 11?
On Wednesday, December 11, beneficiaries born between the 1st and 10th of any month will receive an average payment of $1,900. The remaining payments through December will continue on the usual schedule of being paid based on an individual’s date of birth.
Beginning in 2025, all Social Security payments will increase by 2.5% as a result of the cost-of-living adjustment (COLA). The COLA is an annual adjustment that is applied to offset the effects of inflation and ensure that beneficiaries maintain their purchasing power.
To calculate the amount of money they will receive for their increase, beneficiaries can find out what additional amount they will receive by adding 2.5% to the amount they have. This increase is automatic and will begin to apply as of January 2025. For more information and questions, the SSA invites you to visit the official website.
