Social Security Checks Up to $4,873 Released This Week, But Some States Face Reduced Benefits

social security

By Kareen Liez , Parent Herald Sep 27, 01:25 am

(Photo : Pixabay/Pexels)

Some individuals across the U.S. are set to receive their monthly Social Security checks, with some payments reaching as high as $4,873. The Social Security Administration (SSA) issues these staggered payments throughout the month, with the final batch going to recipients born between the 21st and 31st of any month. This month's payment was first released on September 25.

For millions of Americans, Social Security is a critical lifeline. Nearly 68 million receive some form of Social Security benefit each month, with payments based on factors such as retirement age and lifetime earnings.

Families who have been receiving Social Security since 1997, or who qualify for both retirement and Supplemental Security Income (SSI), received their payments on September 3. SSI recipients alone should have received their monthly checks on August 30, as the regular payment date fell on a weekend.

Social Security Payments for Long-Time Recipients and SSI Claimants

The average monthly retirement check is currently $1,907, a figure calculated based on a recipient's 35 highest-earning years and adjusted for inflation. For individuals, the highest SSI payment is $943, and for couples, $1,415 per month.

According to the Social Security Administration (SSA), the maximum benefit varies depending on when you retire. For instance, if you retire at full retirement age in 2024, your maximum benefit would be $3,822. Retiring earlier, at age 62, would lower the maximum benefit to $2,710, while delaying retirement until age 70 would increase it to $4,873.
For individuals receiving only Supplemental Security Income (SSI), not retirement benefits, checks were issued on August 30 this year, as the usual payment date, September 1, fell on a weekend.

States with Reduced Benefits Due to Tax Changes

As Social Security payouts now cost the government around $1.5 trillion annually, many are also facing additional financial burdens. Residents in nine states, including Colorado, Connecticut, and Vermont, will see a reduction in benefits this month due to higher taxes on Social Security income.

Concerns are mounting about the long-term sustainability of the program, with recent reports indicating that Social Security may face funding shortfalls by 2035. Despite these challenges, today's payments remain a vital resource for millions of American families.