List of Retirees Receiving New Social Security Checks on August 2

This week, retirees who claimed benefits before May 1997 will receive their Social Security checks on Friday, August 2nd. Typically, these recipients are paid on the third day of the month, but since August 3rd is a Saturday, the Social Security Administration (SSA) has rescheduled the payment to the preceding business day. Following this, the SSA will continue to distribute payments to all beneficiaries of the retirement, survivor, and disability insurance (RSDI) program who began collecting benefits after May 1997, based on their birth dates.

Payment Schedule

The Social Security Administration is responsible for distributing benefits to retirees, surviving spouses, disabled workers, and SSI recipients. The SSA has developed a benefit schedule to ensure timely payments. Payments are typically made on the first of each month for SSI participants, and on the third of each month for RSDI participants enrolled before May 1997.

For those who applied for benefits after May 1997, the SSA has scheduled three additional rounds of monthly payments:

• Born between the 1st and the 10th: Benefits are paid on the second Wednesday (August 14th).
• Born between the 11th and the 20th: Benefits are paid on the third Wednesday (August 21st).
• Born between the 21st and the 31st: Benefits are paid on the fourth Wednesday (August 28th).

Beneficiaries can access their online Social Security accounts for more information about their payment dates, financial statements, and other inquiries.

Benefit Amounts

On Friday, eligible retirees will receive an average of $1,900 in monthly benefits. However, the exact amount varies based on factors like full retirement age (FRA), work history, and contributions to the Social Security system. Here’s a breakdown:

• At 62 years old: Minimum age to claim benefits, up to $2,710 per month if all Social Security tax requirements are met.
• At 67 years old (Full Retirement Age): Up to $3,822 per month.
• At 70 years old: Maximum benefit of up to $4,873 per month, provided maximum taxable earnings were met.

2025 COLA Projections

The projected Cost-of-Living Adjustment (COLA) for 2025 is around 2.63%, according to the Senior Citizens League (TSCL). This lower-than-expected increase has caused concern among retirees, who fear it may not keep pace with rising inflation. However, a COLA below 3% can be beneficial, as it suggests a stable economic environment, potentially increasing purchasing power.

Impact of Inflation

Since 2000, the cost of living for retirees has increased faster than their monthly benefits, with purchasing power declining by nearly 36%. The SSA calculates annual COLAs based on past cost-of-living increases, which can lead to financial strain during periods of high inflation. Despite this, beneficiaries have experienced increased purchasing power during times of low and steady inflation, as COLAs of less than 3% have helped maintain the value of their benefits since 2010.

While the anticipated 2.63% COLA for 2025 may seem modest, it represents a gradual increase that can help seniors manage their finances more effectively. Keeping abreast of these adjustments ensures beneficiaries can plan and maximize their Social Security benefits.

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