Understanding Social Security payments can be crucial for retirees and people with disabilities who rely on these benefits. In this article, we’ll break down the upcoming Social Security payments, explain the retirement and disability benefits programs, and provide a full schedule of payments for July. Let’s dive in to see what you need to know about your benefits and how to ensure you receive them.
What You Need to Know About Upcoming Social Security Payments in June
Retirement Benefits Program
When you retire, the amount of money you get from Social Security depends on your age. If you start collecting benefits at 62, you’ll get 70% of the total amount you’re eligible for. If you wait until your full retirement age, which is between 66 and 67 depending on when you were born, you’ll get 100% of your benefit. If you wait until age 70, your benefit increases by almost 124%.
Disability Benefits Program
If you have a disability that prevents you from working for at least a year or for the rest of your life, you can get Social Security disability payments. These payments are the same as what you would get at full retirement age. Your children and spouse might also get extra money based on your earnings history. To qualify, you need to have worked for five out of the last ten years.
Complete Social Security Payment Schedule for July
After a break in June, the Supplemental Security Income (SSI) program will return to its normal payment schedule on July 1st. Here’s a list of the upcoming Social Security payment dates for July:
Supplemental Security Income (SSI)
- July 1st: Payments for individuals and couples who meet income requirements.
Retirement, Survivor, and Disability Benefits
- July 3rd: Payments for those 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 who claimed benefits after 1997 and were born between the 11th and the 20th.
- July 24th: Payments for those who claimed benefits after 1997 and were born between the 21st and the 31st.
How Much Will Beneficiaries Receive Next Week in Social Security Payments?
The amount of Social Security payments varies based on several factors like your full retirement age (FRA), work history, and contributions. Currently, a senior at full retirement age can get $3,822 per month. If you wait until age 70, you can receive up to $4,873 per month starting in 2024. Disabled individuals can receive up to $1,500 per month on average, but this amount can be higher, up to $2,890, depending on previous Social Security payments.
FAQs
1. When will the next Social Security payment be made?
The next Social Security payments will be made on June 26th.
2. How do I know if I qualify for Social Security benefits?
You qualify based on your work history and contributions to the Social Security program. For disability benefits, you must have a disability that prevents you from working for at least a year.
3. What happens if I start collecting Social Security benefits at 62?
If you start collecting at 62, you will receive 70% of your eligible amount. Waiting until your full retirement age will get you 100%, and waiting until 70 will increase it by nearly 124%.
4. How are Social Security payments funded?
Payments are funded through payroll deductions from businesses and employees. This money goes into the Old Age, Survivors, and Disability Insurance (OASDI) program.
5. Can my family receive benefits if I’m disabled?
Yes, your minor children and sometimes your spouse can receive supplemental payments based on your earnings history if you qualify for disability benefits.
Social Security is a vital program for many Americans, providing financial support for retirees and disabled individuals. Understanding the payment schedules, eligibility criteria, and benefit amounts can help you plan better for your future. Stay informed about your benefits to make the most of what Social Security offers.