Every month, the Social Security Administration (SSA) disburses payments to retired workers, survivors, and disabled individuals. Occasionally, these payment dates are adjusted due to federal holidays or weekends.
The SSA, which manages Social Security payments for over 72 million beneficiaries in the United States, has announced such a change for June. If you’re a retired worker, here’s what you need to know about the payment dates for your $4,873 monthly check.
Table of Contents
- 1 Importance
- 2 Social Security Payment Schedule
- 3 Looking Ahead
- 3.1 FAQs
- 3.2 Why is there a change in the Social Security payment dates for June?
- 3.3 What is the cost of living adjustment (COLA)?
- 3.4 How can I find out my exact Social Security payment date?
- 3.5 What should I do if I don’t receive my payment on the expected date?
- 3.6 Will Social Security benefits increase next year?
Importance
Social Security payments are crucial for millions of seniors aged 65 and older, helping cover essential costs such as daily living expenses, healthcare, housing, entertainment, taxes, debt, travel, and hobbies. Without these benefits, many seniors would struggle to make ends meet and potentially fall into poverty.
While 12% of seniors are currently living in poverty, this number would be significantly higher—over half—without the support of Social Security. According to the Economic Policy Institute, 30% of older beneficiaries rely on Social Security for 90% or more of their income, and two-thirds receive at least 50% of their income from these benefits.
Social Security Payment Schedule
For June 2024, the payment dates have been adjusted due to the Juneteenth National Independence Day holiday on June 19th. Here are the updated payment dates for retired workers:
- June 3rd (Monday): Payments for retirees who claimed their Social Security benefits before May 1997.
- June 12th (Wednesday): Payments for retirees born between the 1st and 10th.
- June 18th (Tuesday): Payments for retirees born between the 11th and 20th.
- June 26th (Wednesday): Payments for retirees born between the 21st and 31st.
As a rule, if a payment date falls on a weekend or federal holiday, the SSA reschedules it to the preceding business day. Therefore, with June 19th being a federal holiday, recipients born between the 11th and 20th will receive their payment on Tuesday, June 18th.
Looking Ahead
Social Security beneficiaries often anticipate the annual cost of living adjustment (COLA), which helps them keep pace with inflation. For 2025, the COLA is projected to increase between 2.6% and 3.2% due to rising inflation. Many seniors feel that the recent 8.7% increase from the previous year and the 3.2% increase in 2023 and 2024 are insufficient to cover their expenses fully.
Additionally, there’s growing concern about the long-term viability of Social Security. Financial experts predict that by 2033, the Social Security trust funds may be depleted, potentially impacting future benefits. If the 3.2% COLA increase for 2025 is approved, here are the expected Social Security check amounts:
| Social Security Payment | Check Amounts in 2024 | Check Amounts (COLA 2025) |
|---|---|---|
| On Average | $1,900 | $1,960 |
| Age 62 | $2,710 | $2,796 |
| Age 67 | $3,822 | $3,944 |
| Age 70 | $4,873 | $5,028 |
These adjustments aim to ensure that Social Security remains a vital source of support for those who depend on it.
FAQs
Why is there a change in the Social Security payment dates for June?
The payment dates are adjusted because June 19th is a federal holiday, so payments scheduled for that day will be issued on June 18th instead.
What is the cost of living adjustment (COLA)?
COLA is an annual adjustment to Social Security benefits that helps recipients keep up with inflation and rising living costs.
How can I find out my exact Social Security payment date?
You can check the Social Security Administration’s official website or contact them directly for detailed information about your payment schedule.
What should I do if I don’t receive my payment on the expected date?
If your payment does not arrive on the scheduled date, wait at least three mailing days before contacting the Social Security Administration.
Will Social Security benefits increase next year?
Yes, Social Security benefits are expected to increase by approximately 3.2% in 2025, based on the projected cost of living adjustment (COLA).