Social Security contributions of up to $4,873 due this week

Social Security checks worth up to $4,873 will be paid later this week.

Each month, the Social Security Administration (SSA) issues benefits to retired Americans, people with disabilities, and surviving family members of deceased workers. Given that there are several categories of payments and around 70 million payees, not all claimants receive their money on the same date.

When your benefits are paid depends on several factors, including your date of birth and the type of benefit you collect. This week, beneficiaries with a birthday falling between the 1st and 10th of a given month will be paid their award on Wednesday 13 November. This does not include those collecting Supplemental Security Income (SSI) or those who have claimed retirement benefits since before May 1997.

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Thereafter, applicants whose birthdays are between the 11th and the 20th will receive their monthly amount on the 20th of November. Finally, any claimant born between the 21st and 31st of a month will have their benefits paid out on the 27th of November.

If you’ve been claiming since before May 1997, or you’re also claiming SSI, you should have been paid at the beginning of the month. Those who do not receive benefits on their expected date should wait three mail days before contacting the SSA.

Social security
A stock image of a social security card and three $100 bills. All recipients are paid every month, but not all are paid on the same date.

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Social Security retirement benefits vary for each person. The amount you receive is based on the 35 years of your career where you earned the most.

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As of June 2024, the average monthly payment for retirees receiving Social Security benefits was $1,869.77, although some may receive up to $4,873 a month, a maximum available only to those who retire at age 70. If a workers choose to retire and start receiving their Social Security checks at the earliest possible age of 62, their maximum monthly benefit would be $2,710.

However, benefit amounts will soon increase in line with the annual cost of living adjustment (COLA). For 2025, benefits are subject to an increase of 2.5 percent.

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“Social Security benefits and SSI payments will increase in 2025, helping tens of millions of people keep up with spending even as inflation has begun to slow,” Social Security Commissioner Martin O’Malley said as part of the October announcement. .

The government said benefits will be increased by about $50 per person on average. month from January.

However, it is a far cry from other COLA updates in recent years, which have been higher than usual due to rampant inflation caused by the coronavirus pandemic.

“The 2025 COLA will be the lowest received by Social Security recipients since 2021, while high prices continue on important essentials such as housing, meat, auto insurance, any type of service and repairs,” independent Social Security and Medicare policy analyst Mary Johnson told Newsweek in October.

Johnson continued: “Despite being the lowest COLA since 2021, a COLA of 2.5 percent would be considered average.”