The issuance of monthly payments to retired workers is contingent upon their date of birth, whereas Supplemental Security Income (SSI) benefits are disbursed on the first day of each month.
Social Security Payment Distribution Schedule
For retirees born between the 21st and 31st of the month, benefits are scheduled for distribution on the fourth Wednesday.
This group will be receiving their payments in the upcoming week.
Individuals born between the 1st and 10th receive their benefits on the second Wednesday, while those born between the 11th and 20th receive theirs on the third Wednesday of each month.
It is important to note that this payment schedule is applicable only to those who initiated their retirement after May 1997.
Workers who retired before this date receive their payments on the third day of each month, irrespective of their date of birth.
This category will receive their payments tomorrow.
Average Retirement Payment to Increase
Following the 3.2% adjustment, the average payment received by a retired worker in 2024 is expected to rise by around $57, resulting in an average monthly payment of $1,885 for the year.
It’s important to note that this figure is an approximation, and the exact amount may differ based on the individual circumstances of each beneficiary.
The individual payout from Social Security is subject to variation, primarily influenced by the recipient’s retirement age, the total contributions made to the Social Security system, and the duration of contributions.
However, the retirement age stands out as the most significant determinant in determining the maximum benefit amount.
To calculate the anticipated increase in your payments for 2024, you can use a straightforward formula: multiply your current benefit amount by 1.032.