Good news for retirees born between the 11th and 20th: a new Social Security check will be issued on Wednesday, August 21st. This payment is part of the Social Security Administration’s (SSA) monthly distribution, designed to help retirees cover essential living expenses. Millions rely on these payments to manage necessities, especially in the face of rising inflation.
Who Qualifies for the August 21st Social Security Payment?
To receive this payment, retirees must:
- Have been born between the 11th and 20th of any month.
- Have claimed their first Social Security check after May 1997.
- Meet full Social Security eligibility requirements.
- Have contributed to Social Security for at least 10 years.
As of September 2023, the SSA reports that around 67 million Americans receive Social Security benefits, with 52 million being retired workers.
The number of people working in Social Security-covered jobs and paying Social Security taxes is expected to exceed 180 million by 2024.
How Much Will Retirees Receive?
Retirees can expect varying monthly benefits based on their earnings history and the age at which they claimed benefits. Here’s a breakdown:
| Retirement Age | Monthly Benefit |
|---|---|
| Claimed at 62 | $2,710 |
| Claimed at 67 | $3,822 |
| Maximum Benefit | $4,873 |
Additionally, this week’s Social Security check will include the 3.2% Cost of Living Adjustment (COLA) from 2024, with an update expected for 2025. The COLA for 2025 is projected to be around 2.65%, which may be less than the 2024 adjustment.
Upcoming Payments for Retirees
There are two more Social Security payments scheduled this month:
- August 21st: Retirees born between the 11th and 20th.
- August 28th: Retirees born between the 21st and 31st.
If your payment is delayed, wait three mailing days before contacting SSA customer service. Beneficiaries can also access their payment information through their “My Social Security Account.”
Other Social Security Payments
On August 21st, other Social Security recipients, such as survivors and disabled individuals, will also receive their monthly benefits. Here’s an overview of the average payments:
| Benefit Type | Average Payment | Other Payments |
|---|---|---|
| Survivor Benefits | $1,505 | $1,773 (Individual) |
| Disability Benefits | $1,537 | $2,590 (Blind recipients), $3,822 (Max) |
Conclusion
Retirees born between the 11th and 20th of the month can expect their next Social Security check on August 21st, 2024. This payment, which includes the 3.2% COLA from 2024, will help many retirees manage their expenses. However, with inflation continuing to rise, beneficiaries are encouraged to explore additional income sources.
Q1. When will the next Social Security check be issued?
A. For retirees born between the 11th and 20th, the next check will be issued on August 21st, 2024.
Q2. What is the average Social Security benefit amount?
A. The average benefit varies based on retirement age and earnings history, ranging from $2,710 to $4,873.
Q3. How is the Cost of Living Adjustment (COLA) calculated?
A. The COLA is calculated based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
Q4. What should I do if my Social Security check is delayed?
A. Wait three mailing days before contacting SSA customer service.
Q5. Who else receives Social Security payments this week?
A. Other recipients, including survivors and disabled individuals, will also receive their payments on August 21st.
