If you are receiving Social Security retirement benefits and you did not qualify for the payment dates on July 3, 10, or 17, the upcoming payday could be for you.
In the same way, those who are in the same situation but are receiving SSDI (Social Security Disability Insurance), may also get money from the Administration next week. Therefore, there will be a single and last payday in July for both eligible retirees and disability insurance recipients in the USA.
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Social Security retirement and SSDI on July 24
The Administration has confirmed that there will be a payment on July 24. Whether you are receiving disability or retirement benefits, the requirements are the same.
There is a birth date requirement but it will not be the only one. The last payment in July will be for those retirees and SSDI recipients whose birthdays are after the 20th of any month.
If you receive Supplemental Security Income you are not eligible for the payment on July 24. Social Security also warns that this money is not for those who started receiving benefits before May 1997.
July 24th – Social Security payment amounts
The Administration will send different amounts depending on the benefit you are entitled to and the background you may have. For example, retirees can get $1,918 on average and SSDI recipients just about $1,537.
The maximum amounts are up to $4,873 for retirees on July 24. If you qualify for SSDI, you can get up to $3,822 from Social Security. That is also the maximum amount for retirees who file for benefits at Full Retirement Age.
Early filing means you are getting a lower payment. Social Security will reduce your benefits by 30% if you apply for retirement at 62. The maximum benefit at 62 is worth $2,710. The first August payment will be for SSI recipients on the first. Retirees and SSDI beneficiaries may get the first payment on August 2.