The Social Security Administration (SSA) is scheduled to make a final round of payments on July 24, 2024 for certain groups of beneficiaries who have not yet seen their check.
This payment date needs to be met without delays for those who rely on Social Security and Social Security Disability Insurance (SSDI) to manage their finances. Below we will describe who will receive payments on this date, as well as important information about benefits.
Who Receives SSDI, Social Security Payments on July 24, 2024?
Payments on July 24, 2024 will be disbursed to two groups of beneficiaries:
The first are the beneficiaries whose birthdays fall between the 21st and 31st of any month. These beneficiaries receive their payments on the fourth Wednesday of each month.
The other group are the Social Security Disability Insurance (SSDI) beneficiaries are those workers who have had an event that resulted in a disability that will last at least 1 year, or end with the death of the insured.
These two groups of beneficiaries will receive their payments on July 24, and the money arrives that same day in the early morning to the bank accounts (for those who have opted for this means of payment), while those who receive a paper check must Wait a couple of days, depending on postal mail delivery times.
For people who receive Supplemental Security Income (SSI) benefits, or who receive payments since before May 1997, their Social Security money is generally sent on the 3rd of each month and SSI payments are made on the 1.
How Much Is the Average and Maximum of Social Security in 2024?
The average Social Security retirement benefit in 2024 is about $1,907 per month. This equates to approximately $22,344 per year, providing essential support for many retirees. However, it is important to note that this average profit is significantly less than the maximum possible profit.
The maximum monthly Social Security benefit for 2024 is $4,873. This maximum is only available to a small number of people who have consistently earned high incomes throughout their careers. The benefit amount is calculated as a percentage of the average salary, but only up to a certain earnings threshold.
For 2024, this threshold is $168,600. Any earnings above this amount do not contribute to the calculation of Social Security benefits.
Social Security Disability Insurance (SSDI) Benefits
SSDI provides financial support to people who are unable to work due to a disability. As of May 2024, the average monthly SSDI benefit is $1,537 for a disabled worker. For a disabled worker and his or her family, the average monthly benefit increases to $2,720. The maximum monthly SSDI payment for 2024 is $3,822, but like the maximum Social Security benefit, most beneficiaries will receive less than this amount.
The amount of SSDI you receive is based on your lifetime earnings that have been paid in Social Security taxes. This calculation is known as the primary insurance amount (PIA). PIA is determined by a formula that considers your average indexed monthly earnings (AIME), which is derived from your 35 highest earning years.
Estimating Your Benefits
To get a clearer idea of what your Social Security or SSDI benefits might be, you can use the SSA’s online benefit calculators, available at https://www.ssa.gov/myaccount/.
These tools allow you to enter your earnings history and other relevant information to estimate your monthly profits. This can be particularly useful for financial planning, helping you understand how much you could receive and how to budget accordingly.