August 28, will mark the final round of August Social Security payments, administered by the Administration (SSA). The SSA issues all sorts of benefits. From retirement, survivor, and disability benefits to spousal, or SSI every month.
However, not all beneficiaries receive their payments on the same date. On Wednesday, August 28, individuals collecting retirement checks who were born after the 20th of any month will receive their payments.
August payment schedule for Social Security
Those born earlier in the month, who have been claiming SSA benefits right before May 1997, and who claim Supplemental Security Income (SSI) will receive their payments on August 14. If you do not receive your benefits as expected, the SSA advises waiting three mailing or business days before calling or visiting them.
- Birthdays between the 1st and 10th: Paid on the second Wednesday of the month – August 14.
- Birthdays between the 11th and 20th: Paid on the third Wednesday of the month – August 21.
- Birthdays between the 21st and 31st: Paid on the fourth Wednesday of the month – August 28.
Payments are generally scheduled according to the beneficiary’s birthday, except for those who have been receiving Social Security retirement or SSDI benefits since before May 1997 or who collect SSI. These groups typically receive their payments in the first week of the month. Usually on the third, but this will be on August 2.
If you’re still waiting for your benefits, patience is key. The SSA recommends waiting three working days past the expected payment date before reaching out for assistance.
How Much Are Social Security Benefits?
The amount of Social Security benefits you receive can vary significantly. This variation depends on several crucial factors, including the age at which you claim your benefits and your highest-earning years during your career.
Factors Affecting Your Benefits
Some of the primary factors influencing your Social Security payments are:
- Age of Retirement: The age at which you choose to start receiving benefits plays a significant role. For instance, if you retire at 70, you can receive the maximum monthly benefit. At Full Retirement Age, 100%, but a 30% cut at 62.
- Highest-Earning Years: Your benefits are also calculated based on your highest-earning years of work, ensuring that those who have earned more over their careers receive higher benefits.
Maximum Monthly Benefits
As of 2024, the maximum monthly benefit stands at $4,873 for those who retire at the age of 70. However, if you decide to start receiving retirement benefits at the earliest age of 62, your maximum benefit would be $2,710.
Future Increases in Social Security Payments
According to the latest Cost of Living Adjustment (COLA) forecast by The Senior Citizens League (TSCL), Social Security payments are expected to increase by around 2.63 percent in 2025.
This annual adjustment is made in line with the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) during the third quarter of the year (July, August, and September). Consequently, recipients will notice a small boost in their benefits starting in January.
The purchasing power of Social Security benefits has been reduced by 20% since 2010, according to a recent report by The Senior Citizens League.