Social Security benefits help millions of Americans cover basic needs like food and shelter. This week, new Social Security payments will be made to retirees and disabled people. These payments are part of the government’s plan to support those who qualify. If you’re receiving these benefits or plan to apply for them soon, keep reading to learn more about how they work and when you can expect your payments.
Understanding Social Security Payments
What You Need to Know About Upcoming Payments in June
This week, the Social Security Administration (SSA) will send out payments to retirees and disabled people on June 26th. After this, the SSA will resume regular payments for Supplemental Security Income (SSI) recipients on July 1st. Knowing the payment schedule can help you plan your finances better.
Retirement Benefits Program
The amount you get from retirement benefits depends on when you start collecting them. If you start at age 62, you’ll receive 70% of your eligible amount. Waiting until your full retirement age (between 66 and 67) means you’ll get 100%. If you wait until age 70, your benefits will increase by nearly 124%.
Disability Benefits Program
Disability benefits are for people with a permanent disability expected to last at least one year and prevent them from working. The amount you receive is the same as your full retirement benefit. Your minor children and, in some cases, your spouse might also get supplemental payments. To qualify, you need to have worked for at least five of the last ten years.
Complete Social Security Payment Schedule for July
Knowing when to expect your payments is crucial. Here are the confirmed dates for July:
Supplemental Security Income (SSI)
July 1st: Payments for individuals and couples who meet income requirements
Retirement, Survivor, and Disability Benefits
July 3rd: Payments for those who claimed benefits before May 1997
July 10th: Payments for those who claimed benefits after 1997 and were born between the 1st and the 10th
July 17th: Payments for those who claimed benefits after 1997 and were born between the 11th and the 20th
July 24th: Payments for those who claimed benefits after 1997 and were born between the 21st and the 31st
How Much Will Beneficiaries Receive?
The amount of Social Security benefits varies based on factors like full retirement age, work history, and contributions. Currently, a senior at full retirement age receives $3,822 per month. If you wait until age 70, you can get up to $4,873 starting in 2024. Disabled individuals typically receive up to $1,500 per month, though this can go up to $2,890 depending on their previous contributions.
Social Security benefits are essential for many people, providing financial support during retirement, disability, or when a family loses its main breadwinner. Understanding how these benefits work and when you’ll receive your payments can help you manage your finances better. Stay informed and make sure you’re getting the benefits you deserve.
Frequently Asked Questions (FAQs)
What are Social Security retirement benefits?
Social Security retirement benefits provide monthly payments to people who have retired and paid into the system through payroll taxes.
How do I qualify for disability benefits?
To qualify for disability benefits, you must have a permanent disability that prevents you from working and have worked for at least five of the last ten years.
When will I receive my Social Security payments?
The payment schedule varies, but key dates for July are the 1st, 3rd, 10th, 17th, and 24th.
How much can I receive in Social Security benefits?
The amount depends on your earnings history and retirement age, with full retirement age payments at $3,822 per month and maximum payments at age 70 up to $4,873.
What is Supplemental Security Income (SSI)?
SSI provides financial help to people with limited income and resources. Payments are made on the first of each month.