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Social Security

Social Security update: Benefit check worth $1,547 set to go out tomorrow for millions

Select Social Security beneficiaries are poised to receive checks worth an average of $1,547 for the month of September, starting Wednesday.

Recipients can expect the money to come via direct deposit or a check in the mail, depending on their preferred method of receiving benefits from the Social Security Administration. The checks are doled out on the third Wednesday of every month for individuals who were born from the 11th through the 20th of their birth month.

SOCIAL SECURITY PAYMENT: SECOND HALF OF DIRECT MONTHLY CHECKS WORTH $1,682 TO BE SENT IN 10 DAYS

The exact payments one will receive vary based on one's beneficiary status. For example, retired workers can earn up to $1,682 a month based on their level of income, per the SSA. The range of benefits stretches from $377.35 to $1,682, according to the benefits table provided by the SSA.

In total, over $101 billion will be distributed to over 65,000 people during the monthly payment deliveries, according to the agency.

Social Security payments are expected to tick up next year in order to keep up with the pace of inflation. Some estimates peg the potential increase for Social Security in 2023 as high as 10.5% for a cost-of-living adjustment.

Estimates indicate that Social Security could face bankruptcy as soon as 2034 unless Congress makes adjustments.

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In addition to traditional Social Security checks being doled out, the government is also delivering Supplemental Security Income. September is one of three months in the year, alongside April and December, in which two SSI payments will be delivered due to holidays and other scheduling conflicts.

Eligible SSI recipients can expect to receive a payment of $841 on Sept. 30 for a grand total of $1,682 for the month of September.