Social Security checks, which can be worth up to $4,873, will be paid out today to certain recipients.
About 68 million Americans receive some form of Social Security benefit each month, but payments are staggered due to the large number of people who need to be processed.
The date of retirement or payment of other benefits to beneficiaries will depend on when their birthday is.
Those born between the 21st and 31st of each month will receive their check on the fourth Wednesday of the month, that is, September 25.
If you were born between the 1st and 10th of any month, you should have received your monthly check on September 11.
Those born between the 21st and 31st of each month will receive their check today
Those born in the next category, between the 11th and the 20th, received their check on the third Wednesday of the month, September 18.
The exception to this program is for those who have been claiming Social Security since 1997, or claim both retirement benefits and Supplemental Security Income (SSI).
This group received their payments in the first week of the month, on September 3.
The SSA recommends waiting three business days after the due date before contacting them about a late payment.
The highest retirement payments are as high as $4,873, although the figure is likely to be lower for most beneficiaries.
In fact, the average monthly retirement check is $1,907, a figure that takes into account the 35 highest-earning years of a recipient’s career and is adjusted for inflation.
“The maximum benefit depends on the age at which you retire. For example, if you retire at full retirement age in 2024, your maximum benefit would be $3,822,” the SSA says on its website.
‘However, if you retire at age 62 in 2024, your maximum benefit would be $2,710.
“If you retire at age 70 in 2024, your maximum benefit would be $4,873,” the site explains.
Those who receive only SSI benefits, not retirement, should have received their checks on Aug. 30, since the usual payday, the 1st of each month, fell on a weekend.
Total Social Security payments now cost the government about $1.5 trillion a year.
The highest SSI payment that can currently be claimed for an individual is $943 and $1,415 for a couple.
Total payments, including retirement, disability and survivors benefits, now cost the government about $1.5 trillion a year.
Meanwhile, Americans living in nine states will receive less Social Security starting this month due to a tax increase.
Recipients living in Colorado, Connecticut, Minnesota, Montana, New Mexico, Rhode Island, Utah, Vermont or West Virginia may have to pay more.
The exact impact will depend on the state you live in and your overall income.
It also emerged earlier this year that Social Security is expected to run out of funds by 2035.
The program relies on its trust funds to provide monthly benefit checks to about 70 million Americans.
But an aging population is driving up the cost of the program, as fewer people contribute and spending outstrips income.
The latest annual report report A report by the Social Security Board of Trustees found that the program will only be able to pay full benefits for the next 11 years, which is a year later than previous estimates.
