More than 72 million Americans receive money from Social Security. Some of them also get money from the Federal government because they qualify for Supplemental Security Income (SSI).
In fact, one group that will be eligible for Social Security on July 3 will also be eligible for Supplemental Security Income. So, they receive SSI on July 1 and retirement benefits on July 3.
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Who else can receive money from Social Security on July 3?
Apart from those on SSI and retirement benefits simultaneously, there is one group of eligible retirees. If you started collecting retirement benefit payments before May 1997, you will also get money on July 3.
Therefore, if you got benefits after April 30, 1997, you will not qualify for the July 3 payment. Social Security has scheduled a round of 3 Wednesday paydays for these beneficiaries.
The thing is Social Security will send money first to those who were born first in the month. For example, if your birth date is from 1-10, your payment will be on July 10. But if it is from 21-31, it will be due on July 24. So, if your birthday is none of those, you qualify for July 17.
July 3 payment amounts for those on Social Security
The amount of your retirement benefit payment will depend on your background. That is, your work history and filing age. For example, to get $4,873 you must have been a high earner for many years.
Actually, you must have earned the taxable maximum for 35 years. It implies that you have also worked for 35 years at least. Not all jobs pay taxes to SSA.
Hence, you should make sure that your job is covered by Social Security. Not paying taxes to SSA can prevent you from receiving retirement benefits. As a matter of fact, you need 40 work credits to get retirement benefits at 62. It will be a small check and you will not get 100% of your benefits though.