Social Security is an essential system for millions of people in the United States. Every month, nearly 73 million beneficiaries receive a payment, which is often their primary source of income. Most are retirees, but it also includes people with disabilities and the families of deceased employees.
The program’s goal is straightforward: to provide some economic stability to those who have worked in the system throughout their careers. But this is not a random system. Payments are distributed on a very specific schedule based on your birthdate and the type of benefit you receive.
What you should know about Social Security payments
However, if you began receiving your retirement benefits before May 1997, you do not follow this schedule. In that case, you will be paid on the third of each month, regardless of your birthdate.
The exact day you receive your check is determined by your birth date. Here’s how it works.
- If you were born between the 1st and the 10th of any month, your payment arrives on the second Wednesday of the month.
- For those born between the 11th and the 20th, the payment is made on the third Wednesday.
- Those born between the 21st and the 31st receive their check on the fourth Wednesday.
Who will receive their payment on January 15?
On Wednesday, January 15, 2025, those born between the 11th and 20th of any month will take their turn. These individuals will receive a check that already includes the 2.5% cost of living adjustment (COLA) that was implemented this year.
This change is not trivial. Its goal is to offset inflation and ensure that money retains its real value. For 2025, the average monthly payment for a retiree is around $1,976, a slight increase over the previous year.
How much can you expect to receive in 2025?
Not all beneficiaries get the same amount. Payment amounts vary depending on your contribution history, age when applying for the benefit, and other factors. However, the government has released average figures that help provide an idea:
- Individual retirees: between $1,927 and $1,976.
- Older couples where both receive benefits: between $3,014 and $3,089.
- Widow(er) with two children: between $3,669 and $3,761.
- Older widow(er): between $1,788 and $1,832.
- Disabled worker and their family: between $2,757 and $2,826.
- All disabled workers: between $1,542 and $1,580.
These amounts include the 2.5% COLA adjustment, which is critical in maintaining beneficiaries’ purchasing power in a volatile economic environment.
What factors influence your benefit?
The cost of living adjustment, or COLA, is just one of the factors that influence how much you receive. Other important factors are:
- Your work history: The more years and money you have contributed, the higher your check will be.
- The age at which you apply for the benefit: If you decide to retire before full retirement age (66 or 67 years, depending on your birthdate), you will receive less each month.
However, if you wait until 70, you may be able to receive the maximum amount.
- 62 years old: from $2,831.
- 65 years old: from $3,374.
- 66 years old: from $3,795.
- 67 years old: from $4,043.
- 70 years or older: from $5,108.
The longer you wait, the higher your monthly benefit will be, so consider this if your finances allow it.
How to plan your Social Security income
If you’re thinking about retiring soon or have already done so, you should know exactly how much you’ll get and how to manage it. The Social Security Administration offers online tools for calculating your estimated benefit based on work history and retirement age.
Consulting with a financial advisor can also help you make more informed decisions. This is especially useful if you plan to retire before the full retirement age or if you have other sources of income.
Social Security provides more than just a monthly income. For millions of people, it is a critical support for maintaining their quality of life in retirement.
Understanding how it works, making the necessary adjustments, and planning ahead of time can mean the difference between a tight retirement and a more comfortable one.
This month’s check includes the COLA adjustment, which protects against inflation. And, if you’re still planning for the future, use the available tools and resources to make the best choices. Your financial well-being deserves the most attention possible.
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