The Social Security Administration (SSA) will send payments of up to $4,873 for beneficiaries who meet certain requirements, but who average just over $1,782.74, according to agency data from June.
But still, it depends on the type of benefit that the SSA distributes, which are several:
- Supplemental Security Income (SSI)
- Retirement Benefits
- Social Security Disability Insurance (SSDI)
- Benefits for Surviving Relatives
According to the type of benefits, these are the monthly averages, until July 2024:
- All recipients: $1,782.74
- Retirement benefits: $1,871.09
- Retired workers: $1,919.40
- Survivor benefits: $1,509.50
- Non-disabled widow(ies): $1,784.31
- Disability insurance: $1,401.30
- Disabled workers: $1,538.85
How Are Benefits Distributed Among Recipients?
This list details the three main categories, which are retirement, survivors, and disability, which together constitute 100% of Social Security benefits. In turn, each category has a main subcategory, which is the key beneficiaries of each type of aid:
- All recipients: 100%
- Retirement benefits: 79.2%
- Retired workers: 75.5%
- Survivor benefits: 8.5%
- Non-disabled widow(s): 5.1%
- Disability insurance: 12.3%
- Disabled workers: 10.7%
August Closes With Two Last Payments to Retirees, SSDI, and SSI
The final round of Social Security payments, both for retirees and disabled people with SSDI, is scheduled to take place on the fourth Wednesday of the month of August, which is the 28th.
This date is for beneficiaries of both groups who have birthdates between the 21st and 31st of each month, but that is not the last payment that is scheduled this month.
In fact, there is a rarity happening this August, which is a second benefit payment for those people who are on Supplemental Security Income (SSI). Usually, this group of people receive a single payment per month, which is sent on the 1st of each month.
However, September 1, which would be the date for sending the next SSI bank deposit, is a Sunday. And as a rule, the SSA does not send payments on holidays or weekends.
That is why the check or bank deposit is sent on August 31, constituting a peculiarity that there are two SSI payments in the same month. Therefore, the next assignment will be Tuesday, October 1.
When and How Much Do Social Security Benefits Increase?
Although the Social Security benefit may seem like a significant amount, if it remained unchanged for the next 30 years, its real value would decrease due to inflation. To counteract this effect, Social Security adjusts its payments periodically through an increase known as a Cost of Living Adjustment, or COLA.
This adjustment is based on a version of the Consumer Price Index, which measures how inflation has impacted the prices of goods and services that consumers purchase.
Typically, the COLA is not very large. For example, in 2024, the increase was 3.2%, due to moderate inflation. This was lower compared to the 8.7% that applied in 2023, a year of higher inflation. By 2025, a 2.6% increase in Social Security benefits is anticipated.
These adjustments are representative of what beneficiaries have experienced over the last decade:
- 2024: 3.2%
- 2023: 8.7%
- 2022: 5.9%
- 2021: 1.3%
- 2020: 1.6%
- 2019: 2.8%
- 2018: 2.0%
- 2017: 0.3%
- 2016: 0%
- 2015: 1.7%
