Final August Payment for Many Retirees
The third and final round of August Social Security payments is set to go out this week, with eligible retirees receiving up to $5,181. According to the Social Security Administration's 2026 payment calendar, payments will be issued on Wednesday, Aug. 26, to retirement, survivor, and spousal benefit beneficiaries whose birthdays fall between the 21st and 31st of any month.
This is the last of three regular Wednesday payment rounds for August. The first round went out on Aug. 12 to those born on or before the 10th, and the second round on Aug. 19 to those born between the 11th and 20th, as reported by the Washington Examiner and Newsweek.
Recipients who began collecting Social Security before May 1997, as well as those receiving both Social Security and Supplemental Security Income (SSI), were paid their August benefits earlier in the month. Individual SSI payments were also made at the start of August.
How Payments Are Determined
Eligibility for Social Security begins at age 62, but payment amounts vary based on several factors, including the age of retirement, the amount paid into the system, and the number of years worked. According to the Social Security Administration, a beneficiary retiring at 62 could receive up to $2,969 per month, while someone retiring at 70 could receive up to $5,181 per month. Those who claim at full retirement age can receive up to $4,152 per month. Beneficiaries can use the SSA's online calculator for a personalized estimate.
Recent data from the SSA shows that as of July, the average retired worker received $2,085.98 per month, while the overall average benefit across all groups was $1,940.08, and disabled workers averaged $1,635.27.
September Payment Schedule
For September, SSI recipients will be paid on Tuesday, Sept. 1. Beneficiaries who started receiving Social Security before May 1997, or who receive both Social Security and SSI, will be paid on Thursday, Sept. 3. The regular Wednesday rounds will continue for birthdays between the 1st and 10th on Sept. 9, the 11th and 20th on Sept. 16, and the 21st and 31st on Sept. 23.
Beneficiaries whose payments do not arrive on the scheduled date are advised to wait three working days before reporting a missing payment.
Looking Ahead: COLA and Funding Concerns
Social Security benefits received a 2.8 percent cost-of-living adjustment (COLA) for 2026. The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) rose 3.4 percent in July compared to a year earlier, according to Newsweek. Looking ahead, the Senior Citizens League (TSCL) projects the 2027 COLA will be 3.6 percent, while AARP estimates 3.5 percent. The SSA will announce the official 2027 COLA figure in mid-October.
Meanwhile, the program's financial outlook remains a topic of concern. Social Security is financed by a payroll tax paid by employers and employees. According to a report from the trustees, the retirement fund is projected to run out by 2032 due to a rising number of retirees and a shrinking workforce.
Proposed Bill on Social Security Garnishment
Senator Bernie Sanders has proposed a bill that would prevent the federal government from garnishing Social Security benefits to collect defaulted federal student loan debt. According to information cited by Sanders' office, more than 3 million Americans over age 62 have student loan debt, and roughly 9 million to 9.5 million federal student loan borrowers are currently in default.
Under existing federal rules, defaulted student loan debt can be collected through the Treasury Offset Program, which can generally withhold the lesser of 15 percent of a person's Social Security benefit or the amount that leaves the recipient with $750 a month. The $750 floor has not kept pace with inflation, meaning offsets could potentially leave some lower-income beneficiaries with payments well below current poverty levels. The bill is expected to be formally introduced when the Senate returns from its summer recess in September.