Starting today, millions of US citizens can anticipate an increase in their Social Security benefits, the Social Security Administration (SSA) has confirmed. A few could even receive up to $4,873. The SSA oversees these benefits, which are extended to retirees, individuals with disabilities, and dependents of deceased beneficiaries.
The payout schedule for these benefits varies due to the large number of recipients. For instance, on Wednesday, June 12, those born in the first 10 days of any month and started claiming their Social Security after 1997 will receive their payments. The payout dates differ for those who initiated their claims before 1997 but after 1975, depending on their birth dates. However, if you started your claim before 1975, you will receive your benefits on the fourth Wednesday of the month.
Note, there’s a slight deviation in June’s payment schedule as the first round of payments is pushed back to the third week due to the start date of June 2024 falling on a weekend.
Social security payouts adjustment for US citizens
The following week will mark the submission of supplementary payments. The standard disbursement schedules will then recommence from the first week of July.
While the regular payment schedule persists, the shifts in payment dates will continue into August and November. Beneficiaries born from the 11th to the 20th day will now receive payments on the third Wednesday of each month, and those born after the 20th on the fourth Wednesday. Remember, the total amount paid out will not be affected by these date changes.
Federal benefits are adjusted yearly to counteract inflation. In 2024, Social Security benefits saw a 3.2% increase, followed by an 8.7% rise the previous year to mitigate the pandemic’s economic effect. Predictions for 2025 suggest a potential 2.5% boost, inducing speculation among beneficiaries heavily reliant on these annual increases.
This news was first reported by Aliss Higham, a Glasgow-based journalist. Having started her full-time journalism career in 2024 after contributing to The Express and The Mirror, Higham covers various topics, including U.S. and European politics, the Russian-Ukrainian conflict, and the British Royal Family.