Social Security payments are hitting bank accounts this week for millions of Americans—some receiving as much as $5,108.
Who is getting paid this week?
The Social Security Administration (SSA) distributes monthly benefits to over 70 million Americans. Because of the high volume of recipients, payments are staggered throughout each month.
This week, on Wednesday, July 23, beneficiaries whose birthdays fall between the 21st and 31st of any month will receive their checks. This includes:
- Retired workers
- Spouses of retired workers
- Survivors of deceased workers
How much are the payments?
The amount each person receives varies based on several factors, including their earnings history and the age they began claiming benefits.
- Average monthly benefit (as of May 2025): $2,002.39
- Maximum benefit if claimed at age 70: $5,108
- Maximum benefit at full retirement age (67): $4,018
- Maximum benefit at early retirement age (62): $2,831
Key changes to Social Security in 2025
Several federal policy updates are reshaping the Social Security landscape:
1. COLA increase expected in 2026
An estimated 2.5% Cost of Living Adjustment (COLA) is projected for 2026, giving beneficiaries a modest boost to keep up with inflation.
2. New tax deduction
As part of the One Big Beautiful Bill Act, signed into law earlier this month, older people age 65 and over will receive an increased standard deduction—up to $6,000 more between 2025 and 2028. This means:
- 88% of older people on Social Security will pay no federal tax on their benefits income.
- The policy indirectly shields more low- and middle-income retirees from taxation.
3. End of paper checks
The federal government will distribute all payments—including Social Security, SSI, SSDI, and tax refunds—electronically by September 30, 2025, following a Trump Administration executive order aimed at improving efficiency and reducing fraud.
What happens next?
More reforms to Social Security may be on the horizon as the administration continues its overhaul of federal benefit programs. In the meantime, recipients should:
- Monitor their payment schedule based on their birth date
- Prepare for the electronic transition if they still receive paper checks
- Plan for tax changes affecting their 2025 returns