Social Security Checks Up to $4,873 Will Be Released to Around 70 Million People This Week

Millions of Social Security recipients will start receiving monthly dividends this week. On Wednesday, July 10, Social Security retirees whose birthdays fall between the first and tenth of any given month will receive retirement cheques from the Social Security Administration (SSA).

About 70 million people get benefits from the Social Security Administration, 50 million of them are retired employees. The Social Security Administration reports that in 2023, retired workers and their dependents received 77.8% of payouts.

Every receiver receives payment on a different date. The following weeks will see the payment of those who were born on later days of the month. Unless a retiree additionally gets

Beginning in the second week of the month, retirement payments, also known as Supplemental Security Income (SSI), are frequently sent on Wednesdays. For people with extremely little or no income or those who have been receiving Social Security payments prior to May 1997, SSI is provided. These beneficiaries get payments on the first and third of each month, respectively.

Individuals born on July 11 through July 20 have until Wednesday, July 17 to complete their payment. Those whose birthdays fall between July 21 and July 31 will get paid on Wednesday, July 24.

When your payment does not arrive when it should, the SSA advises you to wait three working days before getting in touch with them.

A variety of factors, including when you started making claims and how much you made during your highest-paid job years, affect how much your retirement benefit will be.

Those who retired at age 70 will be the only ones eligible for the $4,873 ceiling in 2024. If you were to resign from your position and begin receiving retirement benefits at the earliest age possible-62-your maximum payment would be $2,710. The average payment in January of this year was $1,907.

Read also: Inflation & Potential Social Security Tax Hits in 10 States 

A Rise in Retirement

A rise in this year's retirement benefits is due to the annual cost-of-living adjustment, or COLA. This year, recipients will get 3.2 percent more in their monthly payments than they would in 2023.

Legally, all benefits have to increase yearly in line with the CPI-W, or the Consumer Price Index for Urban Wage Earners and Clerical Workers. The CPI-W average for the year's July, August, and September quarters serves as the basis for the rise.

The largest benefit rise in SSA history occurred in 2023, when increasing inflation contributed to the country's recovery from the coronavirus pandemic. Benefit increases totaled 8.7%. COLA will make public the amount by which benefits will rise in 2025 this October. Currently, the Congressional Budget Office (CBO) anticipates 2.5 percent benefit increases.

Related article:Social Security Cost-of-Living Adjustment Forecast: 2025 COLA Is Lower But Seniors, Retirees Will Face Inflation

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