This is the perfect time to review your retirement planning and make sure you’re aware of when you’ll receive your Social Security benefits. It doesn’t matter if you are already retired or if you are about to start processing your payments: advance monthly planning is always constant advice from financial advisors and retirement experts.
The Social Security payment schedule for July 2024 is now available, but it can sometimes be a little confusing to read. That is why we are here, friend, to help beneficiaries know when they will receive their benefits.
According to the schedule provided by the Social Security Administration (SSA), payments are distributed on different dates of the month, depending on the beneficiary’s date of birth, but also on the type of benefit they have been granted. The payment date is different for those who receive Supplemental Security Income (SSI), Social Security retirement benefits, or Social Security Disability Insurance (SSDI).
Upcoming Social Security payment dates: first SSI checks to arrive on July 1
The first round of Social Security payments will be for beneficiaries of Supplemental Security Income, a Federal Government program that operates under the orbit of the SSA and that provides financial support to people with limited resources and limited income.
This beneficiary group is made up of older adults aged 65 or over, people who suffer from blindness regardless of their age, and people who suffer from an eligible disability, also regardless of their age.
To be eligible to receive SSI payments, an applicant’s income must be below a certain amount. To calculate these thresholds, the SSA does not count the first $20 of your monthly income, the first $65 of your monthly work income, nor half of the rest of the amount above $65.
Benefits such as the Supplemental Nutrition Assistance Program (SNAP benefits), known as food stamps, or support from private non-profit organizations, or other LIHEAP-style support aid for payment of public services, are also not counted.
“If you’re married, we include part of your spouse’s income and resources when deciding if you qualify for SSI. If you’re younger than age 18, we include part of your parents’ income and resources. And, if you’re a sponsored non-citizen, we may include your sponsor’s income and resources,” the SSA explains.
As for resources, the agency reviews savings in cash, bank accounts, real estate, stocks, and bonds. In general, an individual can receive SSI if the total value of their resources is less than $2,000 and a couple if their combined resources are less than $3,000.
Don’t worry, because not everything you own is considered a resource. For example, your home, a family vehicle, low-value life insurance, and burial funds do not count toward the resource limit.
Three Rounds of Retirement and SSDI Payments Will Also Be Sent in July
In the month of July, Social Security (retirement) and Social Security Disability Insurance (SSDI) benefit payments will be made on the following dates:
- Second Wednesday (July 10): For those born between the 1st and 10th of the month.
- Third Wednesday (July 17): For those born between the 11th and 20th of the month.
- Fourth Wednesday (July 24): For those born between the 21st and 31st of the month.
We should mention that if you receive both Social Security and Supplemental Security Income (SSI), payments will be made on July 3 and SSI will be paid on July 1.
Maximum Benefits According to Retirement Age
The maximum benefit amount you can receive depends on the age at which you decide to retire. Here we show you how this amount varies in 2024:
- Retirement at Full Age (66 years and 8 months): $3,822 monthly.
- Retirement at age 62: $2,710 monthly.
- Retirement at 70 years old: $4,873 monthly.