The exact date on which beneficiaries receive Social Security payments is not the same for all of them, and it changes depending on their birthday, as is already traditional every month. While those born earlier in the month can expect their checks next Wednesday, those born later in the month will have to wait a little longer.
We are approaching the third week of July, which means that the third round of Social Security payments is about to be sent to recipients. According to the Social Security Administration (SSA) calendar, payments for those born at the end of the month will be made on July 17 and July 24.
As we mentioned above, the day you receive your moneydepends on your birthday and when you started receiving Social Security benefits. If you are not sure, we will indicate the exact date of your next payment below.
Below you will find the payment schedule for the month of July, which you can review to find out when you should receive your Social Security check or Social Security Disability Insurance (SSDI)money:
July 3: Social Security payments for people who have received Social Security since before May 1997.
July 10: Social Security payments for people whose birthdays fall between the first and tenth day of any given month.
July 17: Social Security payments for people whose birthdays fall between the 11th and 20th of any given month.
July 24: Social Security payments for people whose birthdays fall between the 21st and the 31st of any given month
Social Security payments this month.
Some Retirees Will Receive Up to $4,873 From Social Security This Month
Let’s clarify that just a people can expect to retire with Social Security benefits alone, and not . In June, the average retirement benefit was $1,868 a month, which is equal to $22,416 a year. Without other sources of income, this amount is likely not enough for a comfortable retirement.
However, if your income over the course of your career is high enough, you could receive a considerably larger monthly check. By 2024, the maximum Social Security benefit is $4,873 per month, equivalent to $58,476 per year. This figure is adjusted annually for inflation, which could ensure a more comfortable retirement that pays for everything you need during old age.
The Social Security Administration calculates a beneficiary’s average monthly payment based on the highest earning 35 years of their career. However, not all income is credited toward Social Security due to an annual taxable income limit. This limit is also used to determine your benefit.
Taxable Income Limit
The taxable income limit changes every year to take into account wage increases and inflation. If you earn at least the annual limit for 35 years, you will be on track to receive the maximum Social Security benefit at retirement.
Below is a table with the taxable maximums of the last 50 years:
Year
Taxable Income Limit ($)
1975
14,100
1976
15,300
1977
16,500
1978
17,700
1979
22,900
1980
25,900
1981
29,700
1982
32,400
1983
35,700
1984
37,800
1985
39,600
1986
42,000
1987
43,800
1988
45,000
1989
48,000
1990
51,300
1991
53,400
1992
55,500
1993
57,600
1994
60,600
1995
61,200
1996
62,700
1997
65,400
1998
68,400
1999
72,600
2000
76,200
2001
80,400
2002
84,900
2003
87,000
2004
87,900
2005
90,000
2006
94,200
2007
97,500
2008
102,000
2009
106,800
2010
106,800
2011
106,800
2012
110,100
2013
113,700
2014
117,000
2015
118,500
2016
118,500
2017
127,200
2018
128,400
2019
132,900
2020
137,700
2021
142,800
2022
147,000
2023
160,200
2024
168,600
Funding Crisis and Legislative Proposals
On a national level, the SSA is facing a funding crisis that is projected for the mid-2030s. In the meantime, seniors continue to report that their monthly checks aren’t enough to keep up with current inflation. The Seniors COLA and Increased Benefits Act, a bill proposed by Sen. Kirsten Gillibrand, D-N.Y., seeks to address this concern by increasing monthly checks for seniors if it passes.
“Social Security is a lifeline for seniors. For many, it is their main source of income,” Gillibrand said in her announcement of the bill in March. “But the benefits are not keeping up with rising costs, leaving many older Americans struggling to afford basic services, particularly health care.”
The bill proposes that the annual cost of living adjustment (COLA) for Social Security take into account health care costs for seniors using the consumer price index (CPI) for seniors instead of the CPI for urban wage earners and administrative workers. This bill is designed to better reflect the expenses seniors face and adjust benefits accordingly.
Despite the legislative proposals, Alex Beene, an instructor of financial literacy at the University of Tennessee at Martin, has warned Social Security recipients not to expect an extreme and sudden increase in payments. “Changes in the amount of benefits should be gradual and well-thought-out to avoid causing panic among beneficiaries,” Beene said.
