As the last week of June approaches, millions of retired Americans are eagerly awaiting their final Social Security check of the month. If you claimed benefits after May 1997 and your birth date falls between the 21st and the 31st, you can expect your payment soon. Understanding the Social Security payment system and how benefits are calculated can help you plan better for your retirement.
Social Security Payment Schedule for June
Who Will Receive Payments?
Every month, the Social Security Administration (SSA) distributes benefits to those who meet the requirements based on their work history and contributions to Social Security. For retirees, this payment includes adjustments for the cost of living (COLA). If your birthday is between the 21st and the 31st, your last payment for June will be deposited on Wednesday, June 26th.
Payment Amounts
The amount you receive from Social Security varies based on your work history and the average contributions you’ve made over the last 35 years. Here are the main factors that determine your payment:
- Earning a High Wage Over Time: Higher lifetime earnings generally result in higher Social Security benefits.
- Work History: The length and consistency of your work history affect your benefits.
- Full Retirement Age (FRA): The age at which you reach full retirement impacts your payment.
- Age at First Claim: The age at which you first claimed benefits can increase or decrease your payment amount.
Maximum Benefit
If you delayed benefits until age 70 and had the highest taxable earnings, you could receive up to $4,873 per month. Conversely, if you only worked for 10 years or didn’t contribute at the highest levels, your payment might be around $1,907 or less.
Social Security Payment Amounts in 2024
According to the SSA, here are the monthly payments for retired Americans based on when they claim benefits:
- At Age 62 (Before FRA): $2,710
- At Age 67 (FRA): $3,822
- At Age 70 (After FRA): $4,873
How SSA Calculates Payments
The SSA calculates your Social Security check based on the average of your wages over your 35 years of employment. Annual adjustments for the cost of living (COLA) are made to help beneficiaries keep up with inflation and cover living expenses. The COLA for 2025 is projected to be between 2.6% and 3.2%, potentially resulting in an average monthly increase of $37, the smallest increase since 2017.
Payment Schedule for July
After the final June payment on June 26th, the SSA will resume payments on July 3rd for those who started collecting benefits before May 1997. For those who began receiving benefits after May 1997, payments will follow a staggered schedule:
- July 10th: Birth dates between the 1st and 10th
- July 17th: Birth dates between the 11th and 20th
- July 24th: Birth dates between the 21st and 31st
If your Social Security check doesn’t arrive on the scheduled date, wait at least three mailing days before contacting the SSA’s customer service.
Understanding how Social Security benefits are calculated and when they are distributed can help you better manage your finances in retirement.
Keep an eye on the SSA announcements and stay informed about any changes to ensure you receive your benefits without any issues. For more details, refer to the official Social Security payment schedule for 2024.
FAQs
What determines the amount of my Social Security check?
Your payment is based on your work history, lifetime earnings, full retirement age, and the age you first claimed benefits.
When will I receive my Social Security check for June?
If your birthday is between the 21st and 31st and you claimed benefits after May 1997, your check will be deposited on June 26th.
How does the cost of living adjustment (COLA) affect my payment?
COLA helps your Social Security benefits keep pace with inflation, ensuring you can cover living expenses.
What should I do if my check doesn’t arrive on time?
Wait at least three mailing days after the scheduled date before contacting the SSA’s customer service.
What are the projected COLA increases for 2025?
The COLA for 2025 is expected to be between 2.6% and 3.2%, resulting in an average monthly increase of $37.