Social Security checks worth up to $4,873 will arrive today, December 3.
The retirement benefit is sent out to Americans that have been claiming Social Security since 1997.
Those claiming both retirement and Supplemental Security Income (SSI) will receive their retirement check today, and their SSI should have arrived on November 29.
Social Security checks are staggered on to four different days every month because around 68 million Americans receive some form of benefit, and such a large volume cannot be processed at once.
The date you receive your check each month depends on when you were born.
If you’re born within the 1st and 10th of any given month you should receive your monthly check on the second Wednesday of the month, December 11.
Those born between 11th and 20th should receive their check on the third Wednesday of the month, falling on December 18.
Those born between the 21st and 31st of any month normally receive their check on the fourth Wednesday, but since that is Christmas Day this month, it will arrive a little early on Tuesday December 24.
The first Social Security benefit of the month will be sent today, December 3
The SSA recommends waiting three working days following a due date before contacting them about a late payment.
The highest retirement payments are as much as $4,873, though the figure is likely to be lower for the majority of recipients.
In fact, the average monthly retirement check is $1,907, a figure that takes into account the 35 highest-earning years in a recipient’s career and is adjusted for inflation.
‘The maximum benefit depends on the age you retire. For example, if you retire at full retirement age in 2024, your maximum benefit would be $3,822,’ the SSA states on its website.
‘However, if you retire at age 62 in 2024, your maximum benefit would be $2,710.
‘If you retire at age 70 in 2024, your maximum benefit would be $4,873,’ the site explains.
Total payouts, including for retirement, disability and survivor benefits, now cost the government around $1.5 trillion a year.
Meanwhile, Americans living in nines states have collected less Social Security from September due to a jump in taxes.
Total Social Security payouts now cost the government around $1.5 trillion a year
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Residents of nine states will get less Social Security starting in September – is yours one of them?
Beneficiaries that live in Colorado, Connecticut, Minnesota, Montana, New Mexico, Rhode Island, Utah, Vermont or West Virginia may have to pay more.
The exact impact will depend on which state you live in and overall income.
It also emerged earlier this year that Social Security is expected to run short on funds by 2035.
The program relies on its trust funds to provide monthly benefit checks to around 70 million Americans.
But an aging population is pushing up the cost of the program as a smaller share of people are paying into it, and spending is outpacing income.
The latest annual report from the Social Security Board of Trustees found that the program will only be able to pay out full benefits for the next 11 years – which is one year later than previous estimates.