As July begins, many people receiving Social Security benefits in the United States can expect two payments in the first week of the month. This is due to a special scheduling circumstance. In this article, we’ll explain why these extra payments are happening, who qualifies for them, and what you need to know about future payment dates.
Understanding Social Security Payments
Social Security is a program run by the United States government that helps people with retirement, disability, and survivor benefits. It’s also in charge of managing the funds and issuing Social Security numbers. This program has been around for a long time, and its main goal is to ensure that people who qualify have the financial support they need.
Why Two Payments in July?
In the first week of July, the Social Security Administration (SSA) will send out two payments. Usually, these payments are for retirees and Supplemental Security Income (SSI) recipients who qualify based on certain criteria.
Payments for Retirees
If you were born on the 21st or 31st of any month and are retired, you might get these payments. On average, retired workers receive $1,900 each month. However, the amount can vary based on when you start claiming your benefits:
- Age 62: Up to $2,710 per month if you start claiming benefits early.
- Full Retirement Age (FRA): Up to $3,822 per month.
- Age 70: Up to $4,873 per month if you delay claiming until then.
Planning ahead can help you maximize your benefits.
Payments for SSI Recipients
SSI recipients will get an extra payment of up to $1,415. This is because the first of June fell on a weekend, so the SSA moved the payment to the last business day of May. This extra payment is essentially an advance.
Important Payment Dates
Knowing the exact dates of your Social Security payments is crucial. Here are the important dates for July and beyond:
Retirement Benefits
- July 10th: For those born between the 1st and 10th.
- July 17th: For those born between the 11th and 20th.
- July 24th: For those born between the 21st and 31st.
SSI Benefits
- August 1st: Regular monthly payment.
- August 30th: Advance payment for September.
- October 1st: Regular monthly payment.
- November 1st: Regular monthly payment.
- November 29th: Advance payment for December.
For more details, you can check the Official Benefit Payment Schedule for 2024.
July’s extra Social Security payments are due to how the calendar falls this year. Knowing your payment dates and understanding how to maximize your benefits can help ensure you get the most out of the Social Security program. Make sure to plan ahead and keep track of the important dates to avoid any surprises.
Why are there two payments in July?
There are two payments in July because the first of June fell on a weekend, causing the SSA to move the payment to the last business day of May.
Who qualifies for the extra SSI payment?
SSI recipients automatically qualify for the extra payment if they meet the necessary criteria.
What is the average monthly benefit for retired workers?
The average monthly benefit for retired workers is around $1,900.
How can I maximize my Social Security benefits?
You can maximize your benefits by planning ahead and choosing the right time to start claiming, such as waiting until full retirement age or even later.
Where can I find more information about payment dates?
You can find more information about payment dates in the Official Benefit Payment Schedule for 2024.