Understanding Social Security payments can be crucial for planning your finances, especially for retirees and disabled people. This week, new payments are coming for those who qualify, according to the benefit payment schedule. If you receive or plan to apply for these benefits, this guide will help you navigate the upcoming changes and understand how Social Security works for retirement and disability.
Upcoming Social Security Payments in June
Retirement Benefits Program
The amount you receive from Social Security retirement benefits depends on your age when you start collecting. Here’s a quick breakdown:
- At Age 62: You get 70% of your full benefit.
- At Full Retirement Age (66-67): You get 100% of your benefit.
- At Age 70: You can get up to 124% of your primary insurance amount (PIA).
Disability Benefits Program
Social Security disability benefits are for people with a permanent disability expected to last at least one year and prevent them from working. The amount you receive is similar to what you would get at full retirement age.
- Eligibility: To qualify, you must have worked for at least five of the last ten years.
- Additional Benefits: Your minor children and sometimes your spouse may also get benefits based on your earnings history.
Social Security Payment Schedule for July
After a month without payments, the Supplemental Security Income (SSI) program will resume regular payments on the first of July. Here’s the schedule for July:
- July 1st: SSI payments for eligible individuals and couples.
- July 3rd: Payments for retirees and disabled people who claimed benefits before May 1997.
- July 10th: Payments for those who claimed benefits after 1997 and were born between the 1st and the 10th.
- July 17th: Payments for those born between the 11th and the 20th.
- July 24th: Payments for those born between the 21st and the 31st.
How Much Will Beneficiaries Receive?
The amount you receive from Social Security depends on your full retirement age (FRA), work history, and contributions. Here are some examples:
- At Full Retirement Age (FRA): The average monthly payment is $3,822.
- At Age 70: You could receive up to $4,873 per month starting in 2024.
- Disability Payments: Average around $1,500 per month, but can be up to $2,890 based on your previous earnings.
Frequently Asked Questions (FAQs)
1. What is the full retirement age (FRA) for Social Security?
The full retirement age ranges from 66 to 67, depending on your birth year.
2. Can I receive Social Security benefits if I continue to work?
Yes, but if you claim benefits before reaching your full retirement age, your benefits may be reduced based on your earnings.
3. How do I apply for Social Security benefits?
You can apply online at the Social Security Administration (SSA) website, by phone, or at a local SSA office.
4. Can my family members receive benefits based on my earnings?
Yes, your spouse and minor children may be eligible for benefits based on your work history.
5. How is the amount of Social Security disability benefits determined?
The amount is based on your average lifetime earnings before your disability began
Social Security benefits provide essential support for retirees and disabled individuals, helping them meet basic needs like food and shelter. With billions of dollars paid out each month, it’s crucial to understand how these benefits work and when you can expect your payments.
Whether you’re planning for retirement or navigating a disability, knowing the payment schedule and how benefits are calculated can help you make informed decisions about your financial future.