The last Social Security payment for millions of American retirees in July is quickly approaching. On July 24, 2024, the Social Security Administration (SSA) will distribute payments of up to $4,873.
The amount each recipient receives varies based on their background and specific conditions.
$1,918 From Social Security Eligibility for July 24 Payment
Birthdate and Collection Start Date
To receive the Social Security payment on July 24:
- Birthdate: You must have been born between the 21st and 31st of the month.
- Collection Start Date: You must have started collecting retirement benefits after April 30, 1997.
This payment schedule applies not only to retirees but also to those on Social Security Disability Insurance (SSDI) who meet the same criteria. Importantly, if you receive Supplemental Security Income (SSI), you will not receive this payment but will get Social Security on August 2.
Average and Maximum Payments
The amount you receive from Social Security can vary significantly:
- Average Payments: Retirees typically receive around $1,918.
- Minimum Earners: If you’ve worked the minimum of ten years, your payment will be lower.
- High Earners:
- Filed at 62: Up to $2,710
- Filed at Full Retirement Age (FRA): Up to $3,822
- Filed at 70: Up to $4,873
Payment Schedule After July 24
August Payments
If you are not eligible for the July 24 payment, the next dates to note are:
- August 1: SSI payment.
- August 2: Payment for those on SSI and Social Security simultaneously, and for those on benefits before May 1997.
Wednesday Payments in August
After the early August payments, there are three more rounds of payments scheduled based on birthdates:
- August 14: For those born from the 1st to the 10th.
- August 21: For those born from the 11th to the 20th.
- August 28: For those born from the 21st to the 31st.
Understanding the Social Security payment schedule can help you plan better. If you were born after the 20th and started collecting retirement benefits after April 30, 1997, you could receive your payment of up to $1,918 on July 24.
For others, the next set of payments begins on August 1, followed by additional payments throughout August based on birthdates.
FAQs
Who gets the Social Security payment on July 24?
Retirees and SSDI recipients born from the 21st to the 31st who started collecting benefits after April 30, 1997.
What if I receive SSI?
You will not receive a payment on July 24. Instead, you will get your payment on August 2.
How much can I expect to receive?
Average retirees receive about $1,918. High earners can receive up to $4,873 if they filed at age 70.
When are the next Social Security payments after July 24?
SSI on August 1 and 30. Combined SSI and Social Security on August 2. Regular Social Security on August 14, 21, and 28, based on birthdates.
What determines my payment date?
Your birthdate and the date you started collecting benefits determine your payment schedule.
