In three days, the first of the three Social Security payments for July will be distributed. For individuals who retire at age 70, the maximum benefit is $4,873.
Those who were born on or before July 10 will receive their first wave of payouts on Wednesday, July 10.
Who's Eligible for July Social Security Payments?
According to Washington Examiner, checks for those born on or after July 21st of their birth month will be sent on July 24th, while checks for those born on or between July 11th and July 20th will be sent on July 17th.
A single check will be given to each recipient. A retiree's maximum benefit is determined by their retirement age, the amount they contributed to Social Security, and the duration of their program participation.
A person can receive up to $4,873 per month if they retire at age 70. The maximum benefit available for retiring at full retirement age of 67 is $3,822 per month. Retirement benefits are reduced for those who retire at age 62; the maximum monthly benefit is $2,710.
Payments in 2024 are modified from 2023 by 3.2% to account for inflation-related increases in the cost of living.
The Social Security Administration (SSA) is currently in the process of distributing payments for the month of July. On Wednesday, July 10, recipients will receive their third check of the month.
Every month, the Social Security Administration (SSA) distributes benefits to individuals who have retired, those who have lost a loved one, and those who are receiving disability benefits such as Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI).
According to the payment schedule, Supplemental Security Income payments were disbursed on the first day of the month, specifically on Monday, July 1.
On Wednesday, July 3, payments were sent by the agency to individuals who started receiving their retirement benefits prior to May 1997. Checks will be sent to beneficiaries whose date of birth falls between the 1st and the 10th of July.
Social Security Payment: July Schedule
As per the latest information from the SSA, there has been an increase in average payments for retired workers to $1,900 per month this year. This positive change can be attributed to the cost-of-living adjustment.
The remaining payments will be issued on the third and fourth Wednesday of each month, depending on the beneficiaries' date of birth. Here is the full Social Security payment schedule for July:
- Monday, July 1: SSI Recipients
- Wednesday, July 3: Individuals who started receiving their payments prior to May 1997
- Wednesday, July 10: Individuals born between the 1st and the 10th
- Wednesday, July 17: Individuals born between the 11th and the 20th
- Wednesday, July 24th, individuals who fall within the age range of the 21st to the 31st of the month
Social Security payments are typically sent either through direct deposit to beneficiaries who have provided their bank account information to the SSA, or via mail in the form of a paper check, which may take a bit longer to reach its destination.
If you don't receive your money on the specified date, it is advised by the SSA to wait an additional three days before contacting the agency, taking into account possible delays in mail delivery.
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