Direct deposits will be delivered by the Social Security Administration next week. The first ones to get money from the Federal government will be those on the Supplemental Security Income (SSI) Program in the USA.
Supplemental Security Income recipients only have a single payday. That means all SSI payments are sent on the same day. Therefore, you should receive your money on July 1 if eligible.
These Americans can get 2 payments next week, SSI and Social Security
If you are on retirement or SSDI payments and you have a low income, you may receive SSI at the same time. Therefore, you could obtain SSI on July 1 and Social Security on July 3.
This implies that your retirement or disability payment is low. In this way, the Federal government makes sure that low-income recipients get a supplement every month to be able to make ends meet.
Some people may just get SSI on July 1 or Social Security on July 3. If you get the payment on the third it is because you started receiving Social Security before May 1997.
What is the maximum amount of money a high earner can receive on July 3?
The maximum Social Security benefit a high earner can receive on July 3, 2024:
- The maximum Social Security benefit in 2024 for someone who files a claim at age 70 is $4,873 per month.
- To get the full benefit, you must have earned the maximum taxable Social Security income. That’s $168,600 in 2024. You must have done this for at least 35 years of your working life.
- You reach full retirement age in 2024. For those born in 1957, that’s 66 and 6 months. For those born in 1958, it’s 66 and 8 months. Before your birthday month, your earnings are limited to $59,520. After that, there is no limit on your earnings.
- If you earn more than $59,520 in the months before your birthday month, $1 in benefits will be withheld for every $3 you earn above the limit.
For example, if you get $800 a month in benefits ($9,600 for the year) and earn $69,000 in 2024. $63,000 of it is in the 7 months from January through July before your birthday month. Your benefits would be reduced by $1,160. This is $1 for every $3 earned above the $59,520 limit. You would receive $4,440 out of your $5,600 benefits for those 7 months. Starting in your birthday month, you would receive your full $800 monthly benefit no matter how much you earn.
Social Security and SSI amounts
SSI payments will be first and beneficiaries could receive up to $943 if they are single. Eligible married couples may get up to $1,415. However, average payments can be about $697.
If you are on SSI and retirement, the Supplemental Security Income payment can be about $574 if you are 65 or older. SSI average payments for those 18-64 is worth about $743.
Social Security payments can be $1,916 on average. Nevertheless, this amount may be much lower if you also receive SSI. Those who were high earners can receive up to $4,873 on July 3.
SSDI recipients who started collecting payments before May 1997 will also qualify for the July 3 direct deposit. The average SSDI payment is about $1,537 and the maximum SSDI benefit is worth $3,822 in 2024 claimed the Social Security Administration.
