In July 2024, the Social Security Administration (SSA) has outlined a precise schedule for distributing benefits to millions of Americans.
This month, the payments are strategically spread across various dates to ensure timely and efficient disbursement to all beneficiaries. Understanding this schedule is crucial for recipients to manage their finances effectively.
The payment dates for Social Security benefits in July 2024 are divided into several categories, determined by the beneficiary’s birthdate and specific criteria, such as whether they receive Supplemental Security Income (SSI). The SSA has set up a clear schedule to avoid any confusion and to streamline the process.
SSI Payments Date in July Are Coming
The first group to receive their benefits in July 2024 are those who are eligible for Supplemental Security Income (SSI).
These payments are scheduled for Monday, July 1st. SSI is a program designed to help aged, blind, and disabled people who have little or no income by providing cash to meet basic needs for food, clothing, and shelter.
Supplemental Security Income (SSI) is a Federal problem of the United States government under the orbit of the Social Security administration that offers financial assistance to low-income people from one of the following groups:
- People aged 65 and over
- People with problems of blindness or vision loss
- People with a qualifying disability
Apart from being to any of these demographic groups, they must have limited resources, whose thresholds vary if you are an individual or a couple applying together. In 2024, the individual limit is $1,971 per month, and the limit for couples is $2,931 per month.
They must also be U.S. citizens or legal residents in the country (check the citizenship and immigration requirements to make your group of people at your nearest SSA office).
Social Security Retirement and SSDI Payments Coming in Days
For those receiving regular Social Security benefits, as well as Social Security Disability Insurance (SSDI) the payment dates are determined by their birthdate. The SSA divides the payment schedule into three main groups:
- Second Wednesday: Individuals whose birth dates fall between the 1st and 10th of the month will receive their payments on Wednesday, July 10th. This group is the first to receive their Social Security benefits for the month, ensuring that those at the beginning of the month can promptly access their funds.
- Third Wednesday: Beneficiaries born between the 11th and 20th of the month will receive their payments on Wednesday, July 17th. This staggered approach helps manage the distribution process more efficiently, ensuring that the system is not overloaded on any single day.
- Fourth Wednesday: Those with birth dates from the 21st to the end of the month will get their payments on Wednesday, July 24th. This final group rounds out the month’s disbursement schedule, ensuring that everyone receives their benefits within a predictable timeframe.
Who Receives $4,873 From Social Security in 2024?
In 2024, individuals who receive $4,873 in Social Security benefits are typically those who have reached the maximum benefit amount. This maximum benefit is available to individuals who have earned a high income throughout their working years and have paid the maximum amount into the Social Security system.
To qualify for the maximum Social Security benefit, you must have earned the maximum taxable income for Social Security purposes over a significant portion of your career. In 2024, the maximum taxable income is set at a level where high earners have consistently contributed the highest possible amount to Social Security taxes.
