A new round of Social Security payments is set to be delivered on Wednesday, with eligible beneficiaries receiving thousands of dollars in monthly benefits. The payment schedule varies depending on birthdate and months claimed.
Benefits are paid out on the second, third, or fourth Wednesdays, depending on birthdate: those born between January 1-10 receive their benefit on the second Wednesday, while those born between January 11-20 get it on the third Wednesday. Those born between January 21-31 receive it on the fourth Wednesday.
However, some retirees who started receiving benefits in May 1997 are paid on the third day of each month instead. This rule applies if they’re also receiving Supplemental Security Income on the first day of the month.
For those claiming Social Security at their full retirement age (67), the maximum monthly payment is $4,018. Those choosing to claim earlier can receive smaller payments, with the earliest eligible age being 62 ($2,831). Delaying retirement until 70 increases benefits up to $5,108.
Benefits are calculated based on lifetime earnings and payroll taxes paid. A 2.5% cost-of-living adjustment (COLA) was applied in January, taking effect for most recipients. This is the smallest COLA since 2021, reflecting easing inflation rates after a four-decade high in 2022.
Source: https://www.foxbusiness.com/economy/new-round-social-security-payments-made-week