$4,873 Social Security Deposit Coming This Week – If your date of birth falls between 1 to 10 of any month, then there is good news for you. This week, Social Security payment will be sent to all such beneficiaries on April 11. This is the third payment of the month of April. Earlier, the payment process of Supplemental Security Income (SSI) was completed at the end of November, and those who have been taking retirement benefits since May 1997 received payment on December 3.
Who will get the payment and when?
Three major payment schedules have been fixed under Social Security in April:
- For those born between 1 to 10: Payment on April 11
- For those born between 11 to 20: Payment on April 18
- For those born between 21 to 31: Payment on April 24
That is, those whose date of birth falls in the rest of the month (11 to 31) will get payment at the end of this month.
Changes in SSI payments too
Every month SSI payments are usually sent on the first of the month. But the January 2025 SSI payment will be delivered to the bank account a day earlier i.e. on April 31, 2025, due to New Year’s Day (January 1) being a federal holiday.
The Social Security Administration (SSA) explained in a 2022 blog post, “We do this so that you do not face any financial difficulties and you do not have to wait more than the first of the month. This does not mean that you are getting double the previous payment, so you do not need to contact SSA.”
What to do if the payment does not arrive on time?
If your payment does not arrive on time, SSA recommends waiting for three working days. Note that Saturdays, Sundays and public holidays are not included in working days.
How much is the retirement benefit in 2025?
- If a person retires at the age of 70, he can get a maximum monthly benefit of $4,873.
- On the other hand, if a person retires at the age of 62, then the maximum can be $2,710 per month.
- In January 2025, the average Social Security retirement benefits were $1,907 per month.
Benefits from COLA increase in 2025
Social Security beneficiaries will get some relief at the beginning of the new year 2025. Under the Cost of Living Adjustment (COLA) announced in October, the payment will be increased by 2.5% in 2025.
This increased payment will start being given to about 6.8 crore Social Security beneficiaries from January 2025. While 7.5 million SSI beneficiaries will get the increased amount only on April 31, 2025.
What is COLA and its importance?
COLA increases Social Security payments every year according to inflation so that beneficiaries’ purchasing power is maintained.
The COLA increase in 2023 was 8.7%, the largest ever. This increase was made in view of the massive inflation that came after the Corona epidemic when the inflation rate reached 9.2%.
Conclusion
Some changes have been made in the payment schedule for Social Security and SSI beneficiaries in April and January so that they can get their money on time. Also, the 2.5% increase in COLA in 2025 will also provide some relief to the beneficiaries. These changes are being made so that no one has to suffer financially and inflation does not affect the lifestyle of the beneficiaries. If you are also eligible for these benefits, keep an eye on the payment dates and follow the instructions of SSA.
FAQs On $4,873 Social Security Deposit Coming This Week
Q. My date of birth is the 8th, when will I get my payment?
A. Your payment will be sent on 11th April.
Q. Will I get my January SSI payment earlier?
A. Yes, due to New Year being a federal holiday, the payment will be issued on 31st April.
Q. If my payment is late, should I contact SSA immediately?
A. No, SSA says to wait for 3 working days first and then contact.