Remaining Social Security Payments to Retirees in July

The Social Security Administration (SSA) still has a few payments let this month regarding the Social Security program that they are in charge of running. As they have explained to retirees, the payments that still have not reached the accounts of beneficiaries may be coming soon. If you were not eligible for the payments on July 3rd and 10th, you might be on the list for one of the remaining dates provided you are indeed entitled to receive retirement benefits in the United States.

To know if you are entitled to receive benefits, the main requirements to receive one of the two Social Security payments are:

– Having applied for and obtained SSA approval. They will not be sent without your having requested them and they do take time to kick in, three to four months usually. To check the status of your application you can access your mysocialsecurity account.

– Not receiving Supplemental Security Income (SSI). While receiving both benefits is possible, if you are just an SSI recipient your benefits should have gone out on the 1^st of the month. If you have not received yet, contact the SSA.

– Not being on benefits before May 1997. One of the exceptions the SSA makes in regards to Social Security, beneficiaries that started collecting before then receive their benefits on the 1^st or 3^rd of the month

– Meeting the birthdate condition

Birthday Requirements for the July 17, 2024 Social Security Payment

Only some retirees will receive their payment from the Administration on July 17. Only those whose birthdate is from the 11th to the 20th of any month of the year and started claiming post May 1997 will receive money on July 17. If your birthday is from the 1st to the 10th of any month and started claiming post May 1997, your payment was already made on July 10. Therefore, you will not receive a new Social Security payment until August 14, 2024.

Birthday Requirements for the July 24, 2024 Social Security Payment

But there is still another payment left in the month. To receive money from the Administration on July 24, you must have been born from the 21st to the 31^st and started claiming post May 1997.

Although the month or year of birth does not matter, the is another factor that can influence when you receive your payment. Only those living in the U.S are subject to these monthly staggered payments. Beneficiaries that live permanently abroad receive their benefits on the 1^st of every month.

How much money will retirees get

Just like the date is not the same for every retiree, the amount varies according to personal circumstances, like when you chose to claim benefits and your work history of taxable income. The SSA provides some data that can help retirees get an idea of the amounts that may be waiting for them depending on their choice of when to claim, for example, the average payment for retirees in 2024 is $1,907, regardless of the payment date. So, if you qualify for an average check or direct deposit, that will be the amount of your next payment.

But that is not the only number that matters, for example, for those who contributed the maximum amount to Social Security for 35 years and retired at 70 years old, the maximum benefit payment for retirees will be $4,873 in 2024, whilst if you contributed the maximum amount for 35 years and retired at age 62 you would only receive up to $2,710. Given how wide the scope is for retirees, most people will fall somewhere in the middle of the three figures, but in order to have a good retirement, finding ways to maximize benefits is the key.