Many retired workers eagerly anticipate their monthly benefits, and for those residing in the United States, the date they receive their payments is dependent on their day of birth. The Social Security Administration has specific distribution dates for retirees based on when they were born, ensuring that everyone receives their checks in a timely manner.
For retirees with birth dates falling between the 21st and 31st of the month, their benefits are expected to arrive on the fourth Wednesday of each month. This group of individuals can expect to receive their checks next week. Meanwhile, those born between the 1st and 10th of the month receive their payments on the second Wednesday of the month, and those born between the 11th and 20th receive theirs on the third Wednesday of the month. However, this schedule only applies to individuals who requested their retirement after May 1997. For those who retired before this date, the payment is received on the third day of the month, regardless of their birthdate.
This year, retirees can also look forward to a 3.2% increase in their average monthly payment. According to the Social Security Administration, the average payment for a retired worker in 2024 will increase by approximately $57, resulting in an average payment of $1,885. It’s important to note that the exact amount varies depending on each beneficiary’s individual circumstances. To estimate the increase in their payments for 2024, individuals can simply multiply the figure of their current benefits by 1.032.
These distribution dates and payment increases are crucial for retirees as they plan their monthly expenses and budget accordingly. Understanding when to expect their benefits and how much they will receive can provide retirees with a greater sense of financial security and stability in their retirement years.