If you are a Social Security beneficiary in the United States, this week you might receive a new retirement check. The Social Security Administration (SSA) has scheduled a payment that could reach up to $4,873, depending on several factors such as the age at which you filed for retirement and the income you earned throughout your working life.
The SSA follows an annual payment calendar, organized in advance to ensure that all beneficiaries know exactly when they will receive their monthly benefits. This schedule is designed to make sure each person gets their payment on time, depending on their birth date and the type of benefits they applied for.
How are Social Security payments calculated?
The amount you can receive from Social Security varies based on several factors. First, the age at which you decide to apply for retirement affects the amount you’re entitled to. Below, we explain the main options:
At age 62, the earliest age you can apply for retirement benefits, the maximum monthly payment you can receive is $2,710. However, choosing to retire at this age generally reduces the benefits compared to waiting a few more years.
Between ages 66 and 67, considered full retirement age, the maximum monthly benefit increases to $3,822. Many people choose this option because it allows them to receive a higher amount without waiting until they’re 70.
At age 70, those who have delayed filing for retirement will receive the maximum benefit of $4,873 per month. Beyond this age, no additional benefits accrue for postponing retirement, so this is the optimal time to begin receiving payments.
The final calculation of the amount you’ll receive is based on the years you’ve worked and the income you’ve earned over your lifetime. The longer you’ve worked and the higher your income, the greater the monthly benefit you’ll be entitled to.
When will you receive your Social Security payment?
Social Security payments are made every Wednesday, but the exact deposit date depends on your birthdate. The SSA organizes payment dates as follows:
- If you were born between the 1st and the 10th of any month, you’ll receive your check on the second Wednesday of each month.
- If your birthday falls between the 11th and 20th, your payment will be deposited on the third Wednesday of the month.
- If you were born between the 21st and the 31st, your payment will be made on the fourth Wednesday of the month.
This means that depending on your birthdate, you could receive your check this week if it’s the corresponding Wednesday according to the SSA’s schedule.
Important details about the payments
The amount deposited into your bank account varies depending on your personal situation. If you’ve worked for many years and earned a high income throughout your career, you may be eligible to receive the maximum amount of $4,873 per month. However, if you retired before the age of 66, your payment may be lower.
It’s important to note that to ensure you receive your payment on time without any issues, the SSA uses a direct deposit system. If there are any changes to your bank account, make sure to update your information with the SSA to avoid any delays in payments.
How to know if you will receive your check this week
If this week is when you’re supposed to receive your payment based on your birthdate, it’s a good idea to check your bank account. Most payments are processed early on Wednesday morning, so you might see the deposit reflected in your account throughout the day.
If you don’t see the deposit in your account and believe you should have received it, it’s recommended to contact the SSA. Sometimes, minor errors in banking information or administrative delays can cause payments to be delayed.
Social Security payment structure
The Social Security payment structure is designed to provide consistency and transparency. Beneficiaries can count on receiving their benefits on a predictable schedule, which is particularly important for retirees who rely on these payments as their primary source of income. The SSA ensures that even in the case of holidays or unforeseen events, the payment timeline is adhered to as closely as possible.
As mentioned earlier, the amount of your payment depends not only on your earnings but also on the age at which you retire. For those who choose to take benefits early at age 62, it’s important to understand that the monthly amount will be permanently reduced.
This reduction reflects the longer period over which you will be receiving benefits. Conversely, waiting until full retirement age—or even longer until age 70—means that you will receive a higher monthly benefit. This is because you’ll be claiming benefits over a shorter period, which results in larger payments.
Another factor that affects the amount you receive is whether you continue working after you begin receiving Social Security benefits. If you start taking benefits before reaching full retirement age and continue to earn income, your benefits may be reduced temporarily. Once you reach full retirement age, however, any reductions due to earnings cease, and your payments will be recalculated to reflect any months in which benefits were withheld.
For married couples, it’s also important to understand how spousal benefits work. If you’re eligible for Social Security based on your spouse’s work record, you can receive up to half of your spouse’s full retirement benefit. This can be especially beneficial for households where one spouse earned significantly more than the other, ensuring that both partners receive adequate support during retirement.
Spousal benefits can be claimed as early as age 62, but, similar to personal retirement benefits, the monthly amount will be reduced if claimed before full retirement age.
For those who’ve lost a spouse, survivor benefits are also available. In general, a surviving spouse can begin receiving benefits at age 60, or even earlier if they are disabled or caring for a child under age 16. The amount of survivor benefits depends on the deceased spouse’s earnings and the age at which the survivor begins receiving benefits.