As the last week of June approaches, millions of retired Americans can look forward to receiving their Social Security checks. For those who claimed benefits after May 1997 and have birth dates between the 21st and 31st, the final $1,907 payment for the month is set to be deposited on Wednesday, June 26th. This monthly benefit includes adjustments based on cost of living and individual work history.
Understanding Social Security Payments
How Social Security Payments Are Calculated
The Social Security Administration (SSA) calculates monthly benefits based on four main factors: your lifetime earnings, work history, full retirement age (FRA), and the age at which you first claimed benefits. If you contributed at the highest taxable earnings and delayed benefits until age 70, you could receive up to $4,873 per month. Conversely, those with lower earnings or shorter work histories may receive around $1,907 or less.
Monthly Benefit Amounts for 2024
Depending on when you start claiming benefits, the monthly Social Security check amount varies:
- Claiming at Age 62: $2,710
- Claiming at Age 67: $3,822
- Claiming at Age 70: $4,873
Cost of Living Adjustments (COLA)
Each year, the SSA applies a cost of living adjustment (COLA) to ensure that Social Security benefits keep pace with inflation. This adjustment is based on the average wage index and inflation rates. For 2025, the Senior Citizens League (TSCL) projects a COLA increase between 2.6% and 3.2%, translating to an average monthly increase of $37. However, official figures will be announced later this year.
July Payment Schedule
After the final June payment on the 26th, the next Social Security checks will be issued on a staggered schedule in July. Here’s the timeline for July payments:
- July 3rd: Retirees who started collecting benefits before May 1997 will receive their payments regardless of birth date.
- July 10th: Beneficiaries with birth dates from the 1st to the 10th will receive their payments.
- July 17th: Beneficiaries with birth dates from the 11th to the 20th will receive their payments.
- July 24th: Beneficiaries with birth dates from the 21st to the 31st will receive their payments.
What to Do If Your Payment Is Late
If your Social Security check doesn’t arrive on the scheduled date, the SSA advises waiting at least three mailing days before contacting customer service. Always refer to the official Social Security payment schedule for the most accurate information.
Frequently Asked Questions (FAQs)
1. How can I check my Social Security payment schedule?
You can find the payment schedule on the official SSA website or by contacting their customer service.
2. What factors affect my Social Security payment amount?
Your payment amount is influenced by your earnings history, work duration, age at retirement, and the age when you start claiming benefits.
3. How does COLA impact my Social Security benefits?
The cost of living adjustment (COLA) ensures that your benefits increase in line with inflation, helping you maintain your purchasing power.
4. What should I do if I don’t receive my payment on time?
If your payment is late, wait three mailing days before reaching out to SSA customer service.
5. When will the official COLA increase for 2025 be announced?
The SSA typically announces the COLA increase towards the end of the year, based on the year’s inflation rates and wage indexes.
Understanding how Social Security payments work and staying informed about payment schedules and adjustments is crucial for retirees. By knowing when to expect your payments and how they’re calculated, you can better manage your finances and plan for the future. Stay updated with the SSA’s announcements to ensure you receive the benefits you’re entitled to.