In less than five days, millions of retired, disabled, and survivor workers will get their new Social Security checks. Starting July 10, people who get Retirement, Survivors, and Disability Insurance (RSDI) will see payments ranging from $1,537 to $4,873.
These amounts depend on your age, work history, and Social Security contributions. A recent 3.2% cost-of-living adjustment (COLA) will also affect how much you receive. Here’s what you need to know about your Social Security payments this month.
Social Security Payment Details
Who Gets What?
The Social Security Administration (SSA) sets different payment amounts for different people:
- Retired Workers: On average, they get $1,900 per month.
- Survivors: They receive an average of $1,505 per month.
- Social Security Disability Insurance (SSDI) Recipients: They get around $1,537 per month.
- Supplemental Security Income (SSI) Recipients: They receive an average of $698 per month.
Maximum Payments
The highest Social Security payments vary based on the type of benefit and personal circumstances:
- Retirement Payments:
- Age 62: $2,710
- Age 67: $3,822
- Age 70: $4,873
- Survivor Payments:
- Individual: $1,773
- Two children: $3,653
- SSDI Payments:
- Blind recipients: $2,590
- Maximum payment: $3,822
Payment Dates
The SSA releases a schedule for payment dates each year. For July, the payment dates are:
- July 3rd: For recipients who claimed benefits before 1997
- 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
Applying for Social Security
To receive Social Security payments, you must apply and meet specific requirements related to income, resources, work history, or disability. It’s helpful to talk to a financial advisor or SSA professional for guidance on the application process.
You can also manage your application, check payment amounts, and request additional services by opening a Social Security account online.
Understanding your Social Security benefits and payment dates is important for managing your retirement income. Knowing the details of your payments and staying updated on changes like the COLA increase helps you plan your finances better.
Always consult with a financial advisor or SSA professional to make sure you’re getting the most out of your benefits.
When will I receive my Social Security check in July 2024?
Payment dates depend on your birthdate. Checks will be issued on July 3rd, 10th, 17th, or 24th.
How is my Social Security payment amount determined?
Payment amounts are based on factors like your age, work history, and Social Security contributions.
What is the recent COLA adjustment and how does it affect my benefits?
The 3.2% cost-of-living adjustment (COLA) increases your payment amount to keep up with inflation.
How can I apply for Social Security benefits?
You need to apply through the Social Security Administration and meet specific requirements. Consult a financial advisor or SSA professional for help.
Where can I manage my Social Security account?
You can manage your account online, check your payment amounts, and request additional services through the Social Security Administration’s website.