Social Security Payments of Up to $4,873 Go Out This Week—What to Know

A stock image of U.S. Dollars and a Social Security card. Payments are made once a month to retirees across America.

Social Security payments worth thousands of dollars will be sent out this week by the Social Security Administration (SSA).

The SSA makes millions of dollars in payments every month to tens of millions of claimants, and not everyone is paid on the same date. Payments are made once a month, coming to a total of 12 throughout the year for the nation's retirees.

Who Will Be Paid This Week?

Payments are scheduled throughout the month, with most retirement checks issued on Wednesdays. This month, the first round of payments to those who first claimed after May 1997 and who do not also receive Supplemental Security Income (SSI) payments and have a birthday that falls between the first and 10th of any given month in the year will receive their payment on Wednesday, August 14.

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Those claimants who have a birthday between 11th and 20th will receive their monthly amount on August 21. Finally, any claimant born between the 21st and 31st of any month will have their benefits paid on August 28.

If you have been claiming since before May 1997 or you also claim SSI, you should have been paid at the beginning of the month. If you don't receive your benefit amount on the date expected, the SSA recommends waiting three working days before contacting them.

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How Much Social Security Can I Get?

Social Security retirement benefits are not the same for everyone. How much you get is calculated using the 35 highest-earning years of your career.

As of June 2024, the average monthly payment for retirees receiving Social Security benefits was $1,869.77. However, some retirees may receive a higher amount of up to $4,873 per month. This maximum is only available to those who retired at the age of 70 and is determined based on how much they earned during their career.

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If a worker chooses to retire and claim their Social Security benefits at the earliest possible age of 62, their maximum monthly benefit would be $2,710. Retirees can check how much money they are entitled to using the SSA's online calculator.

Will Benefits Rise?

Social Security benefits rise annually in line with the Cost of Living Adjustment, more commonly known as the COLA, which is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).

In recent years, the amount paid has risen dramatically due to high inflation, with the increase for 2024 being 3.2 percent. In 2023, a jump of 8.7 percent was granted to retirees and other benefit claimants due to high inflation following the coronavirus pandemic.

The Senior Citizens League has predicted the COLA for 2025 will be 2.63 percent, but official confirmation will come from the Congressional Budget Office in October.

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