As July begins, the Social Security Administration (SSA) is gearing up to send out two payments in the first week of the month. These payments will total over $6,200 and will benefit retirees and Supplemental Security Income (SSI) recipients who meet specific qualifications. Understanding how these payments work and when they are scheduled can help recipients better manage their finances.
What is Social Security?
The United States government manages Social Security, a program that provides retirement, disability, and survivor benefits. The SSA is responsible for handling the program’s funds, trust funds, and issuing Social Security numbers. Since it started, Social Security has aimed to ensure the basic well-being and protection of American citizens and others who qualify for its benefits.
July’s Two Payments
In the first week of July, the SSA will make two payments to retirees and SSI recipients. Retired workers born on the 21st or 31st of any month will receive benefits. On average, retired workers get $1,900 in monthly benefits. However, this amount can vary based on each person’s situation.
Different Payment Levels
- Early Benefits (Age 62): Seniors who claim benefits at age 62 can receive up to $2,710.
- Full Retirement Age (FRA): Those who wait until their FRA can receive up to $3,822.
- Delayed Benefits (Age 70): Retirees who delay claiming benefits until age 70 can get up to $4,873, provided they have contributed based on the maximum taxable earnings for the previous 35 years.
Planning ahead is crucial to maximizing these benefits.
Additional Payment for SSI Recipients
This month, the SSA will also make an extra payment of up to $1,415 to qualified SSI recipients. This additional payment is an advance for June because the first of June falls on a weekend. Therefore, the SSA rescheduled these payments to Friday, May 31. SSI recipients do not need to take any action to receive this payment.
July Payment Dates for Retirees and SSI Recipients
Retirement Benefits
For retirees who claimed benefits before 1997 and were born between the 21st and 31st, the second payment of the month will be on:
- July 10: For beneficiaries born between the 1st and the 10th.
- July 17: For beneficiaries born between the 11th and the 20th.
- July 24: For beneficiaries born between the 21st and the 31st.
SSI Benefits
According to the Social Security payment schedule for the rest of the year, the remaining SSI payments are:
- August 1: Thursday
- August 30 (September Payment): Friday
- October 1: Tuesday
- November 1: Friday
- November 29 (December Payment): Friday
For complete information on all future payment dates for various financial and insurance programs, refer to the Official Benefit Payment Schedule for 2024.
Understanding the Social Security payment schedule can help retirees and SSI recipients better manage their finances. The extra payment in July is a welcome addition for many.
Planning when to claim benefits can significantly impact the amount received, so it’s essential to consider all options and plan accordingly.
FAQs
Who will receive the two Social Security payments in July?
Retirees born on the 21st or 31st and SSI recipients will receive the two payments in the first week of July.
How much can retirees expect to receive in benefits?
On average, retired workers receive $1,900 monthly. However, this amount can vary based on individual circumstances.
What is the additional SSI payment in July for?
The extra SSI payment of up to $1,415 is an advance for June, rescheduled because June 1 falls on a weekend.
When will the next SSI payments be made?
The remaining SSI payment dates for the year are August 1, August 30, October 1, November 1, and November 29.
How can I maximize my Social Security benefits?
Planning when to claim benefits is crucial. Delaying benefits until age 70 can result in higher monthly payments, provided you have contributed based on the maximum taxable earnings for the previous 35 years.