Millions of American Social Security beneficiaries are still waiting for their payments for July 2024, a month that has passed completely normally and without delays or complications.
As is customary, by order of the Social Security Administration (SSA), five payments are made each month to different groups of beneficiaries. The first payment was on July 1st for those included in the Supplemental Security Income, benefits that are provided to people who qualify. This initiative is based on the person’s financial need, age, and disability, and not on work history.
Then, payments are made to beneficiaries who claimed Social Security before May 1997, or who receive both Social Security and SSI payments: in this case, Social Security payments were made on July 3 and SSI on July 1.
Three Rounds of Payments for Retirees and Ssdi Beneficiaries
From July 10 to July 24, three rounds of payments are made for Social Security retirement beneficiaries. The payments are grouped according to the beneficiaries’ date of birth. The three payment days are distributed on the second, third, and fourth Wednesday of July, as follows:
- Second Wednesday, July 10th: Retirement and SSDI beneficiaries who turn in between the 1st and 10th of any month.
- Third Wednesday, July 17th: Retirement and SSDI beneficiaries who turn in between the 11th and the 20th of any month.
- Fourth Wednesday, July 24: Retirement and SSDI beneficiaries who turn between the 21st and the 31st of any month.
Retirees Receive on Average $1,907 a Month, but the Maximum Is Almost $5,000
In 2024, the federal maximum monthly Supplemental Security Income (SSI) payment is $943 for an eligible individual and $1,415 for an eligible couple. This means that, if you qualify for this benefit, you can receive $943 monthly if you are an individual, or $1,415 monthly if you are part of a couple.
On the other hand, the maximum monthly Social Security Disability Insurance (SSDI) payment for 2024 is $3,822. This amount represents an increase compared to the previous year’s high of $3,627, indicating an improvement in benefits for those who depend on this income.
Likewise, the average payment for retirees in 2024 is $1,907 per month, regardless of the payment date. This means that if you qualify for an average check or direct deposit, that will be the amount you will receive on your next payment.
However, these figures are not the only ones that matter. For example, those who have contributed the maximum amount to Social Security for 35 years and retire at age 70 will receive a maximum retiree benefit payment of $4,873 in 2024. On the other hand, those who retire at the age of 62, having contributed the maximum amount during the same period, will only receive up to $2,710.