In July 2024, Social Security beneficiaries in the United States will receive their payments according to the schedule established by the Social Security Administration (SSA), as it has been without any failure so far this year.
As you already know, the SSA distributes payments to beneficiaries of various types, from disability benefits to those who have paid their Social Security taxes for years, in order to enjoy a relaxed retirement.
It also provides supplemental payments through the SSI program for low-income people who meet certain requirements.
Three More Payments Coming in July 2024
The payment schedule for July 2024 is divided into three main groups, as usual, according to the date of birth of the beneficiaries, as detailed below:
- Second Wednesday (July 10th): Beneficiaries born between the 1st and the 10th of any month will receive their payment on Wednesday, July 10th.
- Third Wednesday (July 17th): Beneficiaries born between the 11th and the 20th of any month will receive their payment on Wednesday, July 17th.
- Fourth Wednesday (July 24th): Beneficiaries born between the 21st and the 31st of any month will receive their payment on Wednesday, July 24th.
Supplemental Security Income (SSI): These Payments Have Already Been Sent
The Supplemental Security Income (SSI) is a federal program that provides monthly payments to people with low incomes and limited resources, who may also be blind, disabled, or over the age of 65. For July 2024, SSI payments will be distributed on Monday, July 1. The maximum SSI amounts for 2024 are as follows:
- Eligible individual: $943 per month.
- Eligible couple: $1,415 per month.
It should be noted that the actual amount of the benefit may be lower depending on several factors, such as the beneficiary’s income, his housing situation and the income of other family members. The maximum SSI benefit amount is adjusted annually based on the Consumer Price Index (CPI), which increased from 2022 to 2023.
Social Security Disability Insurance (SSDI): Right Before Independence Day
The Security Disability Insurance (SSDI) provides benefits to disabled workers and certain members of their family if they have worked long enough and paid Social Security taxes.
In 2024, the maximum monthly benefit for disabled workers is $3,822. This is also the maximum benefit for those who retire at full retirement age in 2024.
How Much Will Social Security Pay Me in Retirement This Year?
The amount of the Social Security retirement benefit varies depending on the age at which the beneficiary decides to retire. Below are the maximum benefit amounts based on retirement age in 2024:
- Full retirement age (66 years and 6 months for those born in 1958): $3,822 per month.
- Retirement at age 62: $2,710 per month.
- Retirement at age 70: $4,873 per month.