Millions of Americans are set to receive Social Security benefits on Aug. 19, as the agency continues its staggered distribution of August payments.
Those born from the first through the 10th received their August payments on Aug. 12. The month’s final round, for beneficiaries born from the 21st through the 31st, is scheduled for Aug. 26.
Different rules apply to some recipients. People who began collecting Social Security before May 1997 generally receive their benefits on the third day of the month and were paid Aug. 3. Social Security payments for people who receive both Social Security and Supplemental Security Income were also issued that day.
Supplemental Security Income (SSI) payments, meanwhile, are typically distributed on the first day of the month. Because Aug. 1 fell on a Saturday, the August payment was moved to Friday, July 31. The next SSI payment is scheduled for Sept. 1. SSI provides monthly assistance to qualifying adults and children with limited income and resources who are blind, have a disability or are 65 or older.
Under AARP’s estimate, an average retired-worker benefit of about $2,086 would rise by approximately $73 per month, reaching about $2,159. The Senior Citizens League uses an average benefit of $1,937.53 and estimates its projected increase would add $69.75, bringing that payment to $2,007.28.
Neither forecast is final. The annual adjustment is calculated by comparing the average Consumer Price Index for Urban Wage Earners and Clerical Workers during July, August, and September with the average for the same three months a year earlier. The final inflation report needed for the calculation is scheduled for release Oct. 14.
People born in 1959 reach full retirement age at 66 years and 10 months, while those born in 1960 or later generally must wait until 67. A special rule treats people born on Jan. 1 as having been born in the previous year, placing Jan. 1, 1960, births under the earlier schedule and completing the transition in November.
Workers may still claim benefits at 62, but someone whose full retirement age is 67 would receive about 30 percent less by doing so. Delaying a claim beyond 67 increases the benefit by 8 percent annually until age 70.
