On July 24, the Social Security Administration (SSA) will process the last round of Social Security payments for the month. This includes payments for retirement, survivor, and disability benefits.
Today’s payments will go to retirees born between the 21st and 31st of any month. Those born earlier in the month, individuals who have been receiving benefits since before May 1997, and those on Supplemental Security Income (SSI) have already received their payments for July. If you have not yet received your benefits, the SSA advises waiting three business days before reaching out to them.
Social Security payments are typically scheduled based on the recipient’s birthday, except for those receiving SSI or who have been claiming benefits since before May 1997; these groups generally receive their payments in the first week of the month.
The amount of Social Security benefits varies depending on several factors, including the age at which benefits are claimed and the individualβs highest-earning years. For 2024, the maximum monthly benefit is $4,873, available to those retiring at age 70. If benefits are claimed at the earliest age of 62, the maximum monthly benefit is $2,710.
Looking ahead, Social Security payments are expected to increase by about 2.6 percent in 2025, based on the latest Cost of Living Adjustment (COLA) forecast from The Senior Citizens League (TSCL). This adjustment is aligned with the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) and will be reflected in payments starting January. However, TSCL notes that the buying power of benefits has decreased by 20 cents per dollar since 2010.
TSCL Chairman Edward Cates commented, “It’s unlikely we’ll see the sustained growth needed for benefits to recover their buying power without changes to Social Security itself.”
The official COLA increase for 2025 will be announced in October by the Congressional Budget Office.
Rubby Cordelia is a finance journalist for WVPrepBB.com, bringing expertise and clarity to her reporting on financial news. With a passion for demystifying complex economic issues, Rubby delivers insightful analysis and up-to-date information on the latest market trends, financial policies, and economic developments. Her work on WVPrepBB.com is essential reading for anyone looking to stay informed about the ever-changing world of finance.
