On Wednesday, July 10, 2024, benefit payments sent by the Social Security Administration (SSA) will be disbursed to beneficiaries born between the 1st and the 10th of any month. This date is critical for many beneficiaries who rely on these benefits to manage their monthly finances.
After July 10, the next payment date for Social Security benefits will be Wednesday, July 17, 2024. This date is specifically for beneficiaries whose birthdates fall between the 11th and the 20th of any month. Making sure you know these dates helps to plan your financial needs effectively.
More payments are on the way for both Social Security retirement and SSDI recipients who turn in between the 11th and 20th of any given month. The date for these people is July 17th. On the other hand, those who meet between the 21st and the 31st of any given month will receive their deposits or paper checks in their mailbox on the 24th.
Types of Payments offered by the SSA
The SSA offers several types of payments to address different needs. Here is a detailed description of the main benefits offered by this respected and beloved federal agency.
1. Supplemental Security Income (SSI)
SSI is a federal program designed to help elderly, blind and disabled people who have little or no income. Provides cash to meet the basic needs of food, clothing, and shelter. The SSI payment is usually made on the first of every month. For 2024, the maximum federal SSI payment is $943 for an eligible person and $1,415 for an eligible person with a spouse claiming the benefit together.
2. Social Security Disability Insurance (SSDI)
SSDI provides benefits to disabled people who are unable to work because of a qualifying disability. To be eligible, the person must have worked a certain amount of years and paid Social Security taxes. The amount received depends on the average lifetime income before the disability began.
3. Retirement benefits
Social Security retirement benefits are available to people who have worked and paid Social Security taxes for at least ten years. Benefits can be claimed from the age of 62, but waiting until full retirement age (FRA) or beyond can increase the monthly amount. The maximum monthly benefit for those who retire in FRA in 2024 is $3,822, and for those who delay retirement until age 70, the benefit can be up to $4,873.
4. Benefits for Survivors
Survivor benefits are paid to family members of deceased workers who were insured by Social Security. This includes benefits for widows, widowers, children and dependent parents. The amount received depends on the deceased worker’s income and the number of family members eligible for benefits.
5. Medical Insurance
While not a cash benefit, Medicare is an important part of Social Security. It provides health insurance to people over the age of 65, certain younger people with disabilities, and people with End-stage Kidney Disease (permanent kidney failure requiring dialysis or a transplant).
How to Achieve Up to $4,873/MO in Retirement Checks
A handful of people are cashing social security checks of up to $4,873 which is not a negligible amount at all how did they do it. Well, you can do it too, but you have to meet three requirements when it comes to retirement.
The first of them is to have a high income and earn at least $168,600, if you are retiring this year. Remember that a retiree’s final benefits are based on the amount of taxable income they earn during their best 35 working years. so the more you earn, the more you will receive when it comes to claiming your payments to the SSA.
However, keep in mind that there are limits. In 2024, the SSAl stops collecting additional taxes once the labor income exceeds $168,600. That’s because taxing income above that amount would not increase monthly retirement payments. This limit varies every year: in 2023 it was $160,200, in 2022 it was $147,000, in 2004 it was $87,900 and in 1984 it was $37,800.
Also, as we mentioned before and now expand a little more, you must have earned the maximum annualized social Security base salary for at least 35 years. All those years, you must have contributed your Social Security taxes.
And all this is combined with the last of the requirements: waiting until the age of 70 to claim your social Security benefits. Although you can retire as early as age 62, if you want to reach $4,873 you will have to postpone retirement until age 70.