Social Security serves as a financial backbone for millions of Americans, providing crucial support to retirees, individuals with disabilities, and survivors of deceased workers. This system is vital for many, especially in retirement, as it offers an income that replaces lost wages due to age, disability, or the death of a spouse or parent.
In 2024, nearly 68 million Americans will receive monthly benefits from Social Security, totaling an estimated $1.5 trillion annually, according to the Social Security Administration (SSA). The vast number of beneficiaries and the significant amounts involved mean that payments are not distributed all on the same day.
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Benefits and Payments of Social Security in 2024
Payments are generally made once a month. Following changes to the payment dates in June, July payments will adhere to the SSA’s regular schedule.
The payment schedule depends on factors such as the beneficiary’s birth date, the type of benefit received, and the beneficiary’s location. Below are the key dates for July:
- July 1: On July 1, SSI and Social Security payments will be made to those receiving benefits since before July 1997, as well as those living abroad.
- July 3: Those receiving both SSI and Social Security will get their retirement check on July 3, separate from the SSI payment.
- July 10: Beneficiaries whose birthdays fall between the 1st and 10th of any month will receive their monthly payment on July 10.
- July 17: Those born between the 11th and 20th of any month will receive their payment on July 17.
- July 24: Beneficiaries born between the 21st and 31st of any month will receive their benefits on July 24.
Cost of Living Adjustment (COLA)
In response to inflation, benefits have increased by 3.2% this year. This Cost of Living Adjustment (COLA) was implemented in December for SSI beneficiaries and in January for new Social Security recipients. The next COLA calculation will be announced in October of this year.
The Supplemental Security Income (SSI) provides additional payments to older adults, blind individuals, and disabled individuals with limited income and assets. This program is crucial for those whose Social Security benefits do not fully cover their basic needs. In 2023, disabled workers and their dependents who applied for benefits numbered 8.5 million.
Social Security remains an essential support system for millions of Americans, ensuring an income during times of need. With an organized payment structure and annual adjustments to address inflation, the system aims to stay relevant and adequate for its beneficiaries’ needs. Staying informed about payment dates and annual adjustments is vital to maximizing the available benefits.