As July approaches, many people are eagerly awaiting their Social Security payments. This month is special because the Social Security Administration (SSA) will deliver two payments in the first week. These payments will amount to over $6,200 in just a few days. If you’re a retiree or receive Supplemental Security Income (SSI), read on to learn more about what to expect and why there’s an extra payment this month.
What is Social Security?
Social Security is a program managed by the United States government. It provides benefits to retirees, disabled workers, and survivors. The program also administers funds and trust funds and issues Social Security numbers. Social Security aims to ensure the basic well-being and protection of American citizens and others who meet its eligibility requirements.
Two Payments in the First Week of July
Who Will Receive Payments?
In the first week of July, two Social Security payments will be made. Retirees born on the 21st or 31st and SSI recipients will receive these payments. On average, retired workers get $1,900 in monthly benefits. However, different payment levels depend on each beneficiary’s circumstances.
Payment Levels
- Retirees at Age 62: Retirees who claim benefits at age 62 can receive up to $2,710.
- Full Retirement Age (FRA): Those who collect benefits at their full retirement age can receive up to $3,822.
- Delaying Benefits: Retired workers who delay claiming benefits until age 70 can receive up to $4,873. This amount is only available to those who have contributed based on the maximum taxable earnings for the previous 35 years.
Extra SSI Payment
This month, SSI recipients will get an additional payment of up to $1,415. This extra payment is an advance from June because the first of June fell on a weekend. The SSA rescheduled these payments to the previous business day, which was Friday, May 31. SSI recipients don’t need to do anything to receive this additional payment.
Additional Payment Dates for July
Retirement Benefits
Seniors who claimed benefits before 1997 and were born between the 21st and 31st will receive the second payment of the month. After this, the next scheduled dates are:
- July 10th: For beneficiaries born between the 1st and the 10th
- July 17th: For beneficiaries born between the 11th and the 20th
- July 24th: For beneficiaries born between the 21st and the 31st
Supplemental Security Income (SSI) Benefits
Here are the remaining SSI payment dates for the rest of the year:
- August: Thursday, 1st of the month
- August (September): Friday, 30th of August
- October: Tuesday, 1st of the month
- November: Friday, 1st of the month
- November (December): Friday, 29th of November
You can refer to the Official Benefit Payment Schedule for 2024 for complete information on all future payment dates.
FAQs
1. Who is eligible for the extra SSI payment in July?
SSI recipients who are qualified will receive an additional payment of up to $1,415 in July. This payment is an advance from June due to the first of June falling on a weekend.
2. How much can retirees receive in monthly benefits?
On average, retired workers receive $1,900 in monthly benefits. However, the amount can vary based on when they claim benefits and their contribution history.
3. When are the Social Security payments in July?
Two Social Security payments will be made in the first week of July. Additional payment dates include July 10th, 17th, and 24th.
4. What is the maximum amount a retiree can receive if they delay claiming benefits?
Retired workers who delay claiming benefits until age 70 can receive up to $4,873 per month, provided they have contributed based on the maximum taxable earnings for the previous 35 years.
5. Where can I find the complete payment schedule?
You can refer to the Official Benefit Payment Schedule for 2024 for complete information on all future payment dates for various financial and insurance programs.
This July, Social Security recipients will see an exciting change with two payments in the first week. Whether you’re a retiree or an SSI recipient, it’s essential to understand these payment schedules and plan accordingly. Social Security provides vital support to millions of Americans, ensuring their well-being and financial security. For more detailed information, always refer to the Official Benefit Payment Schedule.