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By Aliss Higham
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Millions of American retirees will be getting Social Security payments this week that could be worth up to $4,873.
The Social Security Administration (SSA) pays out benefits to retired Americans, individuals with disabilities and surviving family members of deceased claimants every month. Checks are paid out several times a month, with around 72 million people being paid by the government agency in April 2024.
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On Wednesday, May 15, Social Security recipients with birthdays that fall between the 11th and 20th of any given month will be paid their monthly amount directly by the SSA.
Unfortunately, not every recipient will receive as much as $4,873, which is the maximum amount available to claimants. According to the SSA, the estimated average monthly Social Security retirement benefit for January this year was $1,907. In April, retirement checks were paid to 55 million American retirees aged 65 years and older.
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Retirement benefits are calculated on how much a person earned in the course of their career and the age at which they stopped working, and they are paid according to when the claimant's birthday is. Payments in 2024 have been boosted thanks to the annual cost-of-living adjustment, otherwise known as COLA. This year, recipients are receiving 3.2 percent more than their monthly payments throughout 2023.
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This is because benefits increase every year in line with the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). In 2023, benefits rose by 8.7 percent - the largest single jump in the SSA's history - due to high inflation at the tail end of the coronavirus pandemic.
Exactly how much COLA will increase benefits next year will be announced in October, with the Congressional Budget Office currently predicting the rate will rise by 2.5 percent.
Payments to those with birthdays that fall in the latter days of a month are also scheduled to go out later in the month. Those with birthdays between the 11th and 20th will have their payment in their bank accounts on May 15. The final usual payment on May 22 is for those who were born between the 21st and 31st of a given month.
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A rare double payment will happen this month for some recipients. Those who would usually receive their payment on the first day of every month - typically Supplemental Security Income (SSI) claimants and retirees who live abroad - will be paid a day early on May 31, instead of June 1. This is because the usual disbursement date falls on a Saturday, and it does not mean beneficiaries will receive an extra sum.
If you don't get your payment on the scheduled date, the SSA suggests waiting an additional three mailing days before contacting them.
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