Millions of Americans rely on Social Security payments to cover their daily expenses. If you’re one of them, you may be wondering when your next check is arriving and how much you will receive. This week, Social Security beneficiaries could get payments as high as $5,108, depending on several factors. Read on to find out who qualifies, when payments will arrive, and what you need to know about Social Security benefits.
Who Is Eligible for Social Security Payments?
Social Security payments are sent to retired workers, disabled individuals, and survivors of deceased workers. Your eligibility is based on factors like your work history, age, and the number of credits earned through employment. Here are the main groups that receive Social Security benefits:
- Retired Workers: If you have worked and paid into Social Security for at least 10 years, you may qualify for retirement benefits starting as early as age 62.
- Disabled Individuals: People with disabilities who can’t work may receive Social Security Disability Insurance (SSDI) if they meet the requirements.
- Survivors: Spouses, children, or other dependents of deceased workers can receive survivor benefits based on the worker’s earnings record.
How Much Will You Receive?
The amount of Social Security benefits you receive depends on your earnings history and when you choose to start collecting benefits. The maximum benefit for 2024 is $5,108 per month for those who retire at the full retirement age of 70. Here’s a breakdown of average monthly benefits:
- Retired workers: Around $1,907 per month on average.
- Disabled individuals: About $1,537 per month.
- Survivors: Payments vary but can be as high as the deceased worker’s full retirement amount.
When Will Payments Arrive?
Social Security payments are scheduled based on your birth date. Here’s when you can expect your payment this month:
- Born 1st-10th: Payments arrive on the second Wednesday of the month.
- Born 11th-20th: Payments arrive on the third Wednesday of the month.
- Born 21st-31st: Payments arrive on the fourth Wednesday of the month.
If you receive Supplemental Security Income (SSI) or started receiving Social Security before May 1997, your payment is typically sent on the first of the month.
How to Check Your Social Security Payment
To ensure you receive your payment on time, you can:
- Check Your My Social Security Account: Log in at ssa.gov to view your payment details.
- Use Direct Deposit: This is the fastest and most secure way to receive your funds.
- Call the Social Security Administration (SSA): If you experience a delay, you can contact SSA at 1-800-772-1213.
What If Your Payment Is Late?
Sometimes, payments may be delayed due to banking issues, federal holidays, or errors in personal details. If your check hasn’t arrived within three business days after your scheduled date, consider the following steps:
- Contact your bank to see if there is an issue with direct deposit.
- Check your My Social Security account for updates.
- Call SSA to report a missing payment.
Future Changes to Social Security Payments
The government adjusts Social Security benefits each year to keep up with inflation. These Cost-of-Living Adjustments (COLA) help ensure payments maintain their purchasing power. The COLA for 2024 increased benefits by 3.2%, but future adjustments depend on economic conditions.
