Starting in August 2024, Social Security checks in the U.S. will be larger than previous years due to the Cost of Living Adjustment (COLA). This year’s COLA has increased benefit payments by 3.2%, helping you keep up with rising living costs. This means you could receive a bigger check than before.
How Much Can You Get?
The maximum Social Security check depends on your situation:
- Retired due to age: You could receive up to $4,873 per month.
- Disability benefits: The maximum payment could be $3,822 per month.
However, not everyone gets the maximum amount. To qualify, you must meet specific conditions, like earning higher wages over your lifetime and delaying retirement until closer to age 70.
Why Are Payments Higher This Year?
Payments are higher in 2024 due to the 3.2% increase from the COLA. This adjustment helps Social Security keep up with inflation, so your benefits maintain their purchasing power as living expenses rise.
How to Maximize Your Social Security Check
If you haven’t applied for Social Security benefits yet, there are ways to increase the amount you receive each month. Here are some tips to help you maximize your benefits:
1. Delay Retirement
The longer you wait to retire, the bigger your check will be. If possible, aim to retire closer to age 70. This can significantly boost your monthly payment.
2. Work Longer
Your Social Security benefits are calculated based on your highest-earning 35 years. If you work for at least 35 years, you can increase your average income and therefore raise your Social Security check.
3. Earn More
The more money you earn during your working years, the higher your benefits will be. Aim to increase your earnings as much as possible to maximize your future Social Security payments.
Social Security Payment Schedule for August 2024
In August, Social Security payments will be made on specific dates depending on your situation:
- August 1st: Supplemental Security Income (SSI) payment.
- August 2nd: Payment for retirees who started benefits before May 1997.
- August 14th: Payment for retirees born between the 1st and 10th of the month, who started receiving benefits after May 1997.
- August 21st: Payment for retirees born between the 11th and 20th of the month, who started receiving benefits after May 1997.
- August 28th: Payment for retirees born between the 21st and 31st of the month, who started receiving benefits after May 1997.
- August 30th: Supplemental Security Income (SSI) payment for September.
If you don’t use Direct Deposit, your payment might take a few extra days to arrive in your account.
The Social Security benefits for 2024 are higher due to the COLA adjustment, helping beneficiaries keep up with inflation. By working longer, earning more, and delaying retirement, you can maximize your Social Security checks.
Be sure to follow the payment schedule so you know when to expect your payments. Staying informed about Social Security can help you make the most of your benefits.
Why is my Social Security check larger this year?
Your check is larger because of the 3.2% Cost of Living Adjustment (COLA), which helps adjust your payments for inflation.
What is the maximum amount I can get from Social Security?
The maximum amount varies: up to $4,873 for retirees and up to $3,822 for those on disability benefits.
How can I increase my Social Security benefits?
You can increase your benefits by delaying retirement, working at least 35 years, and earning more throughout your career.
When will I get my Social Security check in August?
Your check will arrive depending on your birth date and when you started receiving benefits. The schedule outlines payments throughout the month.
What should I do if my payment is delayed?
If you don’t use Direct Deposit, your payment may take a few extra days to arrive. Contact the Social Security Administration if there is a significant delay.
