SOCIAL Security payments worth up to $5,108 will hit Americans’ bank accounts in a day.
However, the day you were born determines when you get to see the cash.
Americans are set to receive payments worth $5,000 in a day[/caption]
Social Security is a social insurance program created in 1935 when President Roosevelt signed the Social Security Act into law.
Americans pay taxes toward the financial safety net throughout their working years, which later benefits them as monthly payments to support their retirement.
In addition to retirement benefits, Social Security was created to financially support Americans with disabilities and families in which a spouse or parent has died.
Social Security checks are distributed according to a schedule, with beneficiary payment dates based on birthdays.
Americans born on the 1st through 10th of their birth month get paid on the second Wednesday of each month.
Those with birthdays on the 11th through the 20th receive their checks on the third Wednesday of each month.
The last range of birthdays is from the 21st through the 31st of the birth month.
These Americans are paid their Social Security benefits on the fourth Wednesday of each month.
So beneficiaries who were born after the 20th day of their birth month will receive the money tomorrow.
2025 Social Security Payment Schedule
Social Security payments are handed out on the second, third, and fourth Wednesday of each month. Benefits will be paid out in 2025 on the following dates:
- January 8, 15, and 22
- February 12, 19, and 26
- March 12, 19, and 26
- April 9, 16, and 23
- May 14, 21, and 28
- June 11, 18, and 25
- July 9, 16, and 23
- August 13, 20, and 27
- September 10, 17, and 24
- October 8, 15, and 22
- November 12, 19, and 26
- December 10, 17, and 24
Meanwhile, millions of Americans are retiring later than past generations as the final step of a decades-old law affecting Social Security’s retirement age takes effect.
The legislation from over 40 years ago is slashing Americans’ checks and forcing them to delay their retirement as the full retirement age rises to its highest level yet.
The full retirement age, or FRA, is the age at which Americans can retire with access to their full Social Security benefits without a financial penalty.
The FRA is now reaching its highest level because Congress passed amendments back in 1983 that gradually increased it from 65 to 67, with the increase slowly phased in based on birth year.
Americans born in 1960 turning 65 this year are the first group that must wait until 67 for full benefits, though they can still file as early as 62 with reduced payments.
The retirement age change is already in the law and is fully baked into how the SSA calculates benefits today, meaning that the millions of impacted Americans will have to work even longer until they can collect their payments without penalty.
The switch-up to the FRA was made to adjust for longer life expectancies and to address concerns regarding the financial solvency problems of the Social Security program.
Its two main trust funds are expected to run out of their reserves in under 10 years due to the increasing life expectancies and retirement periods.
How to supplement your social security
Here’s how to supplement your Social Security:
Given the uncertainty surrounding Social Security’s long-term future, it’s essential for workers to consider ways to supplement their retirement income.
Senior Citizens League executive director, Shannon Benton recommends starting early with savings and investing in retirement accounts like 401(k)s or IRAs.
- 401(k) Plans
- A 401(k) is a retirement account offered through employers, where contributions are tax-deferred.
- Many employers also match employee contributions, typically between 2% and 4% of salary, making it a valuable tool for building retirement savings.
- Maxing out your 401(k) contributions, especially if your employer offers a match, should be a priority.
- IRAs
- An Individual Retirement Account (IRA) offers another avenue for retirement savings.
- Unlike a 401(k), an IRA isn’t tied to your employer, giving you more flexibility in your investment choices.
- Contributions to traditional IRAs are tax-deductible, and the funds grow tax-free until they are withdrawn, at which point they are taxed as income.
