As planned, retirees will continue to get their Social Security payments in August. The next payments will start on August 21 for people who left after May 1997. Several things affect how much each recipient gets, but the age at which they retired is one of the most important ones.
A Social Security Administration (SSA) splits retirement benefits into two groups to make sure that payments go easily and without any issues. The first is for people who left before May 1997, and the second is for people who started getting the money after that date. The third of every month is when these first people usually get their money.
If you quit after May 1997, you will get your payments in three different rounds, each based on your date of birth. This is done again to make sure that all payments go through quickly and are sent out on time and without any issues. For any reason, if one of the payouts failed, it would only affect a small group of retirees. The system would not fall apart as a whole. What ever went wrong, SSA would have a lot of time to fix it before the next payment was due. From this information, we can tell that only one group will get their payments on August 21: retirees born between the 11th and 20th of any month. They are due to receive their checks this week. People born between August 21 and August 31 will get their next payment on August 28.
Distribution of Social Security payments
These dates are the second, third, and fourth Wednesdays of the month. This month’s plan doesn’t deviate from the theoretical calendar, but some months the dates aren’t so clear. If the times of the payments fall on a weekend (the third of the month can happen on any day of the week) or a national holiday when banks are closed, the payments are moved to the day before the holiday when banks are open. So, people who are supposed to get benefits always get them on time and have as little trouble as possible.
Do not forget that SSA is in charge of more than just handing out cash. People who get their checks in the mail rely on the U.S. Postal Service (USPS), and they might not get their checks on time if there are problems with the weather or other unplanned events. People who get checks deposited straight into their bank account need to know how long their bank takes to process checks and what their rules are. If your check is always late, you might want to call your bank and see what you can do to speed up the process.
Lastly, the amount of money on each Social Security check changes, just like the date you start getting benefits. This is because it depends on the retiree’s age when they started getting benefits and how much they paid into the program while they were working. The biggest payment that people who quit at age 62 will get each month in 2024 will be $2,710. People who retired at age 67 can get up to $3,822 a month, while people who waited until they were 70 years old can get up to $4,873 a month, which is the highest reward given.