July’s Supplemental Security Income payment, worth up to $967, will go out to millions of beneficiaries in 13 days. The next SSI payments are scheduled to be distributed on July 1. SSI payments are given to people living with debilitating disabilities that affect their income,

The cost-of-living adjustment, commonly referred to as COLA, has been a long-standing element of Social Security benefits, being put it in place in 1975. The adjustment is designed to keep payments in line with inflation so that the purchasing power of benefits is not eroded over time.

As of May 2025, over 55 million people receive Social Security retirement benefits, with most relying on them for most or all of their retirement income. The amount of these benefits varies, but having a gist of average benefits at certain ages can help you set expectations and begin planning your budget accordingly.