Retirees can receive Social Security payments on 4 different paydays in July. Therefore, some retirees will get money early in July, while others will have to wait for about three weeks.
These paydays can also be for those on Social Security Disability Insurance. However, the amounts will be lower in general. The first payment will be for 2 completely different groups of retirees.
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What are eligibility criteria for retirees to receive the maximum amount of $4,873 in July?
- You must have reached age 70 before filing for benefits. Retiring at age 70 in 2024 makes you eligible for the maximum $4,873 monthly payment.
- You need to have worked for at least 35 years earning the maximum taxable income each year. This means you paid Social Security taxes on the highest possible income for 35+ years of your career.
- Your birth date must be between the 21st and 31st of the month. Retirees born between the 21st and 31st started getting benefits after May 1997. They are set to get their July payment on July 24th.
- You must have started collecting retirement benefits after May 1997. They do not get paid on staggered Wednesdays. They started benefits before May 1997. The schedule pays up to $4,873 on July 24th.
Social Security & direct deposits in mid and late-July
Those who are not on SSI and did not get benefits before May 1997 get direct deposits on July 10, 17, or 24. To know the exact payment date, Social Security claims you must check your birth date.
American retirees who qualify for direct deposits on July 10 must have their birthdays from 1-10. The later in the month your birth date is, the longer you will have to wait for your cash.
The last 2 payments will be due on July 17 and July 24 for those retirees whose birthday is from 11-20 and 21-31 respectively. The maximum amount retirees can get is $4,873.
To get so much money, seniors must file at 70, earn the taxable maximum for 35 years, and have jobs covered by SSA all this time. Do not forget that your spouse may get benefits on your record if he or she meets all the requirements Social Security set.
What other benefits are available for spouses of retirees who qualify for Social Security benefits?
Here are the key points about other benefits. They are available to spouses of retirees who qualify for Social Security.
Spousal Benefits:
- A worker’s retirement benefits might qualify their spouse for a benefit. This is based on the worker’s earnings. The spouse could get up to half of the worker’s amount, depending on their age at retirement.
- If the spouse starts benefits before their full retirement age, the benefit is reduced. However, there’s no reduction if the spouse is caring for a child under 16 or one with Social Security disability.
Eligibility:
- To get spousal benefits, you must be at least 62 or have a qualifying child.
- If your own retirement benefit is higher, you’ll receive that. Otherwise, you get the spousal benefit.
- Divorced spouses also qualify if the marriage lasted 10 years.