Millions of retired Americans will receive their final Social Security payment for the month in just two days. These benefits help seniors cover living expenses, but many still struggle to pay bills and keep up with inflation. Social Security typically replaces 40% of pre-retirement income, so it’s crucial to start saving and planning early.
Average Social Security Payments
Most beneficiaries receive an average of $1,900 per month, but this can vary based on earnings and the age they start collecting benefits. Retirees who start at age 62 might get up to $2,710 monthly, while those who wait until the full retirement age (67) can receive $3,822. The maximum benefit, $4,873, is available to those who delay collecting until age 70 and have 35 years of maximum taxable earnings.
Upcoming Payment Dates
The last Social Security payment for June will be on Wednesday, June 26th, for those born between the 21st and 31st and retired after May 1997. The next payments start on July 1st for Supplemental Security Income (SSI) recipients. Here’s the schedule for July:
| Social Security Programs | Payment Date | Birthdate Range |
|---|---|---|
| Retirement benefits | 2nd Wednesday (July 10th) | 1st–10th |
| Survivor benefits | 3rd Wednesday (July 17th) | 11th–20th |
| SSDI benefits | 4th Wednesday (July 24th) | 21st–31st |
If your payment doesn’t arrive on time, wait three mailing days before contacting SSA customer service. You can also check your My Social Security Account.
How to Claim Social Security Payments
There are three main ways to apply for Social Security payments:
Online
Creating a My Social Security account on the SSA website is the easiest way. Log in and follow the application process.
By Phone
Call 1-800-772-1213 (TTY 1-800-325-0778) to speak with a representative who can guide you through the application.
In-Person
Visit your local Social Security office. It’s best to make an appointment by calling the national number or contacting the local office directly. This is helpful if you have complicated questions or need document assistance.
You’ll need to provide:
- Your Social Security number, birth details, and work history.
- Information about current and past marriages.
- Bank account details for direct deposit.
- Names of eligible children under 18, or those still in high school, or disabled before age 22.
Frequently Asked Questions
1. What if I start collecting benefits before my full retirement age?
Starting early reduces your monthly benefits. The longer you wait (up to age 70), the higher your benefits.
2. How do I know when to start collecting Social Security?
It depends on your financial needs, health, and life expectancy. Consider consulting a financial advisor.
3. Can I work while receiving Social Security benefits?
Yes, but if you’re under full retirement age, your benefits may be reduced if your earnings exceed the limit set by the SSA.
4. What happens to my benefits if I die?
Survivors benefits may be available to your spouse and dependents.
5. How do I apply for disability benefits? Y
ou can apply online, by phone, or in-person. The process includes providing medical evidence and work history.
Understanding your Social Security benefits is crucial for financial planning. By knowing when and how to apply, you can maximize your benefits and secure your financial future.