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2w ago

Social Security Confirms August Retirement Payment Dates and Early SSI Distribution

The agency has resumed withholding up to 50% of benefits to recover past overpayments.

Stock image/file photo: A Social Security card with U.S. Dollars.
Some Social Security benefit payments feel as if they may be coming late in May. That's because Wednesdays land later in the month than typical.

Overview

  • Retirement benefits will be issued in three waves this month: Aug. 13 for those born 1–10, Aug. 20 for 11–20, and Aug. 27 for 21–31 birthdays.
  • September’s Supplemental Security Income payment will be disbursed on Friday, Aug. 29, to avoid the Labor Day holiday on Sept. 1.
  • Monthly benefits are calculated from a 35-year inflation-adjusted earnings average and a progressive formula yielding each beneficiary’s Primary Insurance Amount.
  • Claiming retirement at age 62 can yield up to $2,831 per month, while delaying benefits to age 70 raises the maximum to $5,108, with annual cost-of-living adjustments set each October.
  • Analysts warn that payroll-tax revenues may cover only about 75% of scheduled benefits by 2034 unless Congress acts to bolster the trust funds.