The Social Security Administration (SSA) continues with its payments in the month of July, having already sent the corresponding money to the thousands of Supplemental Security Income (SSI) beneficiaries and to those retirees and recipients of Social Security Disability Insurance (SSDI) who began claiming payments since before May 1997.
Moving forward with the payments, the SSA will send the paper checks and bank deposits to those Social Security retirement beneficiaries and SSDI recipients who turn due between the 1st and the 10th of any given month, who are assigned by default to pay for every month on the second Wednesday of every month.
More Beneficiaries to Receive Up To $4,873
A week later, on July 10, beneficiaries who have birthdays between the 11th and the 21st of any given month, are going to receive their payments that can be as high as $4,873 (later you will know how to do to receive a juicy check like that).
The last payment of the month of July will be on the 24th, the day on which it will be the turn of those retirement and SSDI beneficiaries who have their birthday between the 21st and the 31st of any month. This payment puts the lock on the calendar for the month of July 2024.
Maximum SSI, SSDI and Retirement Amounts in 2024
According to the official SSA website, the federal monthly maximum for Supplemental Security Income (SSI) is $943 for an eligible individual, and $1,415 for spouses filing together, which represented an increase over last year, when the maximum amounts were $914 and $1,371, respectively.
However, keep in mind that these are only the maximum thresholds because the amount an applicant receives depends on variables such as their income at the time of applying, the housing situation (own house, mortgage, etc.) and the income of other members of their household.
For beneficiaries with disabilities who receive SSDI, the maximum that can be accessed is $3,822 per month, an increase of $195 from last year’s amount of $3,627. Most beneficiaries do not receive the maximum, because the amount that is approved is based on the average of their income during their working life before suffering the disability, which must be ruled to last at least one year or end at the death of the patient. The average SSDI in 2024 hovers between $1,489.26 and $1,537 per month.
Finally, the maximum Social Security retiree benefit is $4,873 in 2024, an amount that not everyone can receive.
They must achieve three basic conditions:
- They should have contributed to the Social Social based on the maximum taxable income. This threshold changes every year, but in 2024 it was $160,200. The more years you’ve worked and contributed close to this maximum, the bigger your paycheck will be at retirement.
- They must wait until the age of 70 to claim their benefits in order to receive the full benefit without early retirement penalties.
- If you started receiving benefits before the age of 70, whether for early retirement or disability, your maximum benefit will be substantially reduced. The reduction depends on the age at which you retired and what is related to point 1 of this list.
The SSA determines the maximum benefit each year for this and other benefits based on inflation, using the cost-of-living adjustment (COLA). This is calculated using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), prepared by the Bureau of Labor Statistics (BLS) every month. The COLA increase for 2024 was 3.2%, and the 2022 increase was 8.7%, one of the highest in history.
