Many Social Security recipients are in for a pleasant surprise this month with direct deposits of up to $2,967 hitting their accounts. This welcome boost is part of scheduled payments by the Social Security Administration (SSA), which adjusts payouts based on beneficiaries’ circumstances, including cost-of-living adjustments (COLA).
This year, the SSA introduced a 2.5% COLA to help offset inflation. While the average monthly retirement benefit now sits at $1,976, certain beneficiaries, particularly those with higher earnings histories and delayed retirement credits, are eligible for maximum payouts of $2,967 or even up to $5,108 if they delayed claiming benefits until age 70.
Payment Dates to Remember
Social Security payments are distributed in a staggered manner, depending on your birthdate:
- Birthdates 1st–10th: Payments are issued on the second Wednesday.
- Birthdates 11th–20th: Payments are issued on the third Wednesday.
- Birthdates 21st–31st: Payments are issued on the fourth Wednesday.
For January, payments will be issued on January 8th, 15th, and 22nd. Beneficiaries can expect their direct deposits promptly on these dates, provided their information is up to date.
What Does This Mean for You?
Your benefit depends on several factors, including your lifetime earnings, the age at which you began claiming Social Security, and your work history. Those who delay retirement to maximize their benefits often see the highest payouts.
To find out the exact amount you’ll receive, check your “My Social Security” account online. This user-friendly tool provides personalized details about your benefits, payment dates, and other vital information.
Final Thoughts
While the 2.5% COLA adjustment is a small step towards countering inflation, it’s a helpful increase for millions of Americans who rely on Social Security. Double-check your payment dates and ensure your bank details are correct to avoid delays.