Get ready because the first round of July’s Social Security payments, worth up to $4,873 for those who retire at 70, will be disbursed in just 5 days. Those who meet all the requirements will get such a large payment in July.
Eligibility for Social Security in July
The initial round of payments is scheduled for Wednesday, July 10, targeting beneficiaries born on or before the 10th.
- July 10: Payments for those born on or before the 10th of the month.
- July 17: Payments for individuals born between the 11th and the 20th of the month.
- July 24: Payments for those born on or after the 21st of their birth month.
It’s important to highlight that each recipient will receive only one check. That will make a total of 12 payments per year.
Maximum amounts at different ages
The maximum amount a retiree can receive depends on several factors:
- The age at which they retire.
- The amount they contributed to Social Security.
- The duration of their contributions.
- Age 70: Up to $4,873 per month.
- Full Retirement Age (67): Up to $3,822 per month.
- Age 62: Up to $2,710 per month.
Planning your retirement effectively can maximize your benefits. Make sure to consider your retirement age and your Social Security contributions to get the most out of your benefits.
