Millions of Americans Get $4,800 Social Security Check

Millions of Americans will receive up to $4,800 in Social Security checks today.

The government sends out its monthly benefits weekly, depending on when your birthday is during the month and how long you've been receiving benefits. For those born between the 1st and 10th of the month, that day is today, meaning the average Social Security recipient will have an extra $1,900 in their pockets.

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There are four other scheduled payments this month. Those who started receiving Social Security in May 1997 or earlier already saw payments arrive earlier this week, but those with different birth dates are still waiting.

If you were born between the 11th and 20th, you'll see a payment on the third Wednesday of the month, which falls on the 15th this May. And then a week later, those born between the 21st and 31st will see their checks deposited on May 22.

2024 COLA

Payments in 2024 increased by 3.2 percent due to the annual cost of living adjustment. While that might seem like a significant bump, it's far less than the 8.7 percent jump beneficiaries experienced in 2023.

Under that new calculation, the average retiree will see $1,867 monthly, while others could see between $2,572 and $4,800 depending on their retirement age and how much money they paid into the system.

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Across the board, seniors saw an increase of $50 in benefits on average monthly.

However, since the higher payments went into effect in 2024, not all seniors have been impressed.

"Whether the annual COLA is appropriate for a specific retiree to ensure equal purchasing power as the prior year is highly specific to the life situation of the individual retiree, both in terms of expenses and other sources of income," Jonathan Price, the national retirement practice leader at employee benefits consulting firm Segal, previously told Newsweek.

Many report higher prices on things like healthcare and transportation.

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Seniors have also been increasingly worried about the Social Security program running out of money in the years ahead. Current estimates suggest the program's funding will become insolvent by the 2030s, and at that point, Americans would no longer receive full payments.

The Social Security Administration sends around $1.4 trillion in payments to more than 70 million people each year.