The Social Security Administration (SSA) has scheduled new payments for this week, and many retirees across the United States are curious about how much they will receive and whether they are included in this round of deposits. This Wednesday, August 21st, the SSA will disburse payments for the current month, benefiting those who retired at age 67 or older.
The beneficiaries set to receive payments this week are those who applied for their benefits after May 1997 and who also have birthdays between the 11th and the 20th of any month. The amounts can reach up to $3,822, depending on several factors that we’ll explain below.
Who will receive Social Security payments this week?
The amount you will receive from Social Security isn’t fixed; it varies based on several factors. Some of the key factors include:
Years worked while contributing to social security: The more years you have worked and contributed to the Social Security system, the higher your benefit will be. Each additional year of work can increase your monthly payments.
Salary during working years: The income you earned throughout your career also plays a role in determining your benefit amount. Higher salaries generally result in higher retirement payments.
Age when you apply for benefits: the age at which you choose to start receiving benefits significantly impacts the amount you’ll get. The general rule is that the longer you wait to apply, the higher your monthly payment will be. For instance, if you begin receiving benefits at age 62, your check will be smaller compared to those who wait until 67 or 70 years of age.
Examples of average amounts based on retirement age
To better understand how this system works, here are examples of the average amounts you could receive depending on the age at which you applied for your benefits:
- At age 62: If you applied for benefits at this age, your average monthly payment would be up to $2,710.
- At age 67: If you waited until age 67 to start receiving your benefits, you could receive up to $3,822 per month.
- At age 70: Those who opted to delay their application until age 70 might be receiving checks of up to $4,873 per month.
Key dates for August payments
In the last two weeks of August, the SSA has several important payments scheduled. The first, as mentioned earlier, is set for August 21st, aimed at those born between the 11th and the 20th of any month and who applied for benefits after May 1997.
The second scheduled payment is for August 28th, intended for those born between the 21st and the 31st of any month and who applied for benefits before May 1997. These payments correspond to the current month and are issued according to the beneficiary’s date of birth and the year of application.
A third payment scheduled for the end of August
In addition to the aforementioned payments, the SSA will make a third deposit on August 30th. However, it’s important to note that this payment does not pertain to August benefits; rather, it is an advance payment for September benefits. This adjustment is necessary because September 1st falls on a Sunday, and the SSA does not process payments over the weekend.
This advance payment is exclusively for those who receive benefits from the Supplemental Security Income (SSI) program. SSI is designed to assist individuals with low income, those over the age of 65, and people who are blind or disabled. Typically, SSI payments are made on the first day of each month, but due to the weekend conflict, the September payment will be moved up to August 30th.
If you receive your SSI payment on August 30th, it’s crucial to understand that you won’t receive another deposit in September. The next payment you can expect will be in October, as the SSA issues only one payment per month to SSI beneficiaries.
