Social Security Payments Scheduled for August 2023

The Social Security Administration (SSA) is set to issue payments to retirees, with checks going out on August 21 for those with birthdays from the 11th to the 20th. Eligibility for these payments varies based on the first payment date and birth month, with further distributions scheduled for August 28 for those born between the 21st and 31st. The average monthly payment for retirees is approximately $1,918, with maximum amounts reaching up to $4,873 depending on individual circumstances. Beneficiaries receiving Supplemental Security Income (SSI) will receive their September payments on August 30, 2024. Additionally, the SSA has announced changes for 2025, indicating that payments will not be made on the first of several months, but rather the business day prior, ensuring SSI recipients receive their Cost of Living Adjustment (COLA) in advance. The anticipated COLA increase for 2025 is projected at around 2.57%.