Millions of Americans are set to receive their Social Security payments this week, with the next round of benefits scheduled to reach eligible recipients on Wednesday, August 12. The payment is part of the Social Security Administration’s regular August schedule. At the same time, beneficiaries are watching two other developments closely: the program’s projected funding shortfall and the possibility of a larger cost-of-living adjustment next year.

Who gets a Social Security payment on August 12?

Beneficiaries whose birthdays fall between the 1st and 10th of any month are scheduled to receive their Social Security payments on Wednesday.

The remaining August payments will be distributed later in the month:

August 19:Beneficiaries born between the 11th and 20th
August 26:Beneficiaries born between the 21st and 31st

There are exceptions to the birth-date schedule. People who began receiving Social Security before May 1997, as well as those who receive both Social Security and Supplemental Security Income, follow a different payment schedule. Anyone whose payment does not arrive on the expected date should generally wait three working days before contacting the SSA about a missing payment.

ALSO READ

The average retirement cheque is $2,084

Social Security payments vary widely because benefits are based on factors such as a worker’s lifetime earnings, years of work and the age at which benefits are claimed.In June 2026, the average monthly benefit for a retired worker was $2,084.40. The maximum benefit is considerably higher, but only workers with a long history of earning at or above the Social Security taxable maximum can qualify for it.

For someone claiming benefits in 2026, the maximum monthly payment is about:

$2,969 at age 62
$4,152 at full retirement age
$5,181 at age 70

Workers generally need 40 Social Security credits to qualify for retirement benefits. Since a maximum of four credits can be earned each year, most people need about 10 years of covered employment to become eligible.

2027 benefits could get a bigger boost

The next major change beneficiaries are watching is the 2027 cost-of-living adjustment, or COLA. The official figure will not be announced until October. However, the Senior Citizens League has estimated that Social Security benefits could receive a 3.9 percent increase next year. That would be higher than the 2.8 percent COLA applied in 2026.

The annual adjustment is based on inflation data from the third quarter, meaning the final figure will depend on consumer prices recorded in July, August and September. If the 3.9 percent estimate holds, the increase would begin with Social Security payments issued in January 2027.

ALSO READ

Social Security faces a bigger problem

While a higher COLA could provide some relief to retirees, the program faces a much larger financial challenge. The latest projections indicate that Social Security’s retirement trust fund could be depleted in late 2032. If Congress does not act, incoming revenue would be enough to cover only about 78 percent of scheduled retirement benefits.

That could translate into an across-the-board reduction of roughly 22 percent.The impact could be substantial for retirees. The Committee for a Responsible Federal Budget has estimated that a typical newly retired dual-income couple could lose nearly $17,000 a year in Social Security income from 2033 if the shortfall is not addressed.

Congress is debating a possible solution

Lawmakers are under increasing pressure to find a long-term solution before the trust fund deadline approaches. One proposal receiving attention is the bipartisan PROMISE Act, which was discussed by the Senate Finance Committee last week. The proposal would give the Social Security Advisory Board the task of developing legislation designed to keep the program solvent for at least 50 years. It would also create a process intended to push Congress toward considering and voting on the recommendations.

Supporters say such a structured bipartisan approach could help overcome the political deadlock that has prevented major Social Security changes for years. Critics, however, are concerned that the process could speed up decisions on major changes to the program without the level of congressional scrutiny they would normally receive. AARP has called for any overhaul to go through a full and open congressional debate.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Please consult a qualified professional before making investment decisions.