Social Security benefits are organized throughout the month into 5 important payment dates, beginning with the 1st of the month and ending on the fourth Wednesday. Yes, I know that saying “the fourth Wednesday” is not very specific in itself, but you’ll see that it makes sense.
The first thing to know is that on July 1, benefits were paid to those people who receive payments from the Supplemental Security Income (SSI) program. This is financial assistance to people with limited income and low resources. In 2024, the maximum payment for this type of benefits is as explained below:
- For an eligible person: $943.
- For an eligible couple: $1,415.
These amounts are only the cap, and a beneficiary may not receive them in full. The size of the payment may vary depending on the beneficiary’s income and family composition. For every $2 earned at work, SSI payments are reduced by about $1.
Additionally, for every $1 received from non-work sources, SSI payments are reduced by approximately $1. If the beneficiary lives with his or her spouse, his or her income may affect the payment received. Additionally, children who receive SSI and live with their parents may have their payments reduced based on their parents’ income.
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Retirement and SSDI Benefits: Three payments in July
Let’s get to this Wednesday thing we mentioned before. The first is held on the second Wednesday of the month, and is for those people who are Social Security retirees or who receive Social Security Disability Insurance (SSDI), whose birthday falls between the 1st and 10th of any month.
The second set of payments for these two groups of beneficiaries is for those who has their birthday between the 11th and 20th of any month. The last delivery of paper checks or bank deposits is for retirement and SSDI beneficiaries who become eligible with birthdates between the 21st and 31st of any month.
In summary, the payments that are pending for the second half of the month are the following two:
- Third Wednesday (July 17): Beneficiaries born between the 11th and 20th of the month.
- Fourth Wednesday (July 24): Beneficiaries born between the 21st and 31st of the month.
Maximum Retirement Benefits in 2024
In 2024, the maximum amount of Social Security retirement benefits varies depending on the age at which a person begins receiving them. According to the Social Security Administration (SSA):
- Age 62: $2,710 per month.
- Full Retirement Age (FRA): $3,822 per month for those who apply at age 66.
- Age 70: $4,873.10 per month for those who qualify and delay claiming until age 70.
Social Security Disability Insurance (SSDI)
As of May 2024, the maximum monthly Social Security Disability Insurance (SSDI) benefit is $3,822. However, the average SSDI benefit is closer to $1,489.26 per month.
The SSA calculates SSDI benefits using a formula based on a person’s average indexed monthly income (AIME), which is their average-covered income over several years. The SSA also considers inflation when determining the maximum benefit.