The Social Security Administration will be sending retirement benefit payments on July 3. However, if you are on Supplemental Security Income (SSI), you will receive your money on July 1, 2024.
Getting SSI payments on July 1 can make you eligible for the July 3 Social Security payment. In fact, it is one of the 2 ways to qualify for the retirement benefit on the third.
Social Security on July 3 & eligibility
If you are on retirement or SSDI and you get SSI simultaneously, you will be eligible for the July 3 payment. Nevertheless, this is not the only way to qualify for this early payment in July.
Some beneficiaries will receive Social Security on July 3 because they began getting money from the Administration before May 1997. Those beneficiaries who did not receive money before May 1997, will have to wait for at least one more week though.
The rest of the paydays will be on July 10, 17 and 24. So, the Social Security Administration will make sure your birthday is from the 1-10 (July 10), 11-20 (July 17) or 21-31 (July 24).
Maximum and average amounts for the Social Security payments in July
As of May 2024, the average payment for retired workers is $1,916. This does not mean that you will receive this amount of money, in fact, it could be higher or lower. Spouses may also get benefits on the worker’s record.
Depending on the number of years you worked for, the earnings you had, and the age you filed, you will get a made-to-measure payment. In July 2024, the maximum Social Security benefit will be $4,873 if you file at 70.
Those citizens who decide to file at 62 can get up to $2,710. Filing at Full Retirement Age can provide you with a monthly payment of up to $3,822. Keep in mind that the largest benefits will be for those who have earned the taxable maximum for 35 years in jobs covered by SSA.
