The Social Security Administration (SSA) is preparing to send two payments in early July to a group of retirees and Supplemental Security Income (SSI) recipients. These payments will total more than $6,200 and are aimed at ensuring that beneficiaries get their financial support on time.
The SSA sends out millions of dollars each month to retirees, disabled workers, survivors, and SSI recipients to help them maintain financial stability. This month, a special payment will be made. Let’s break down what’s happening.
What is Social Security?
Social Security is a program run by the United States government that provides financial benefits to people who retire, are disabled, or have lost a loved one. It helps people by paying them money each month.
The program also keeps track of the money and issues Social Security numbers to citizens and legal residents. The goal of Social Security is to provide financial protection to those who qualify.
Why Are There Two Payments in July?
This July, the SSA will send two payments during the first week. This is due to the way payment dates fall on the calendar. The SSA wants to make sure everyone receives their money on time, even if regular payment dates fall on weekends or holidays. Here’s what you need to know:
- Who Gets These Payments? Retirees and SSI recipients are the groups receiving the two payments. For retirees, only those born between the 21st and 31st of the month will qualify for the additional payment. In general, retired workers get an average of $1,900 each month, but the amount can change depending on their work history and when they start claiming benefits.
How Much Will Retirees Get?
The amount retirees receive depends on when they decide to start getting their benefits:
- At Age 62: Retirees who start claiming benefits at age 62 can receive up to $2,710 a month.
- At Full Retirement Age (FRA): Those who wait until their full retirement age (which is usually between 66 and 67) can get up to $3,822 each month.
- At Age 70: Retirees who delay claiming benefits until age 70 and have worked for 35 years at the maximum taxable level can get up to $4,873 monthly.
Additional SSI Payment
This month, SSI recipients will get an extra payment of up to $1,415. This payment is an advance for June because the first of June was on a weekend. Instead of paying on that day, the SSA sent the payment early on May 31. Recipients don’t need to take any action to receive this extra payment.
Upcoming Payment Dates for July
- Retirement Payments: Seniors who retired before 1997 and were born between the 21st and 31st of the month will get their second payment in July. The other retirement benefits for July will be paid on the following dates:
- July 10: For beneficiaries born between the 1st and the 10th
- July 17: For beneficiaries born between the 11th and the 20th
- July 24: For beneficiaries born between the 21st and the 31st
- SSI Payments: The remaining payment dates for SSI in 2024 are:
- August 1
- August 30 (for September’s payment)
- October 1
- November 1
- November 29 (for December’s payment)
You can always check the Official Benefit Payment Schedule for 2024 to stay updated on when payments will be sent.
Understanding the Social Security payment schedule helps beneficiaries plan their finances effectively. This July, an extra payment is being made to ensure that retirees and SSI recipients receive their benefits on time,
even when regular payment dates fall on weekends or holidays. Staying informed about these payments allows beneficiaries to make the most of their benefits and maintain financial stability.
Why are there two payments in July?
The two payments are due to the way the calendar falls. This ensures retirees and SSI recipients get their benefits on time.
Who is eligible for the extra payment?
Retirees born between the 21st and 31st of the month and SSI recipients will receive these payments.
How much will retirees get in July?
The payment depends on when retirees claim benefits. It ranges from $1,900 to $4,873 depending on age and work history.
Do SSI recipients need to take any action to get the extra payment?
No, SSI recipients will automatically receive the additional payment.
When are the next payment dates for retirees and SSI recipients?
Retirees will get their payments on July 10, July 17, and July 24. SSI recipients have payments on August 1, August 30, and October 1.
