Finance, Government Aid, Public Help, Tax

Millions of Retirees to Receive New Social Security Checks This July

By Elena Cordelia

Published on: July 9, 2024

Millions of retired workers, survivors, and disabled workers will receive their new Social Security checks in less than five days. On July 10, recipients of the Retirement, Survivors, and Disability Insurance (RSDI) program will get payments ranging from $1,537 to $4,873.

These amounts depend on factors like full retirement age, work history, and Social Security contributions. The recent 3.2% cost-of-living adjustment (COLA) also affects these payments. Let’s look at how these benefits are calculated and what you need to know about your Social Security checks this month.

Contents

• 1 Social Security Payment Details
  • 1.1 Who Gets What?
  • 1.2 Maximum Payments
  • 1.3 Payment Dates
• 2 Applying for Social Security
  • 2.1 When will I receive my next Social Security check?
  • 2.2 How much will my Social Security check be?
  • 2.3 What is the COLA increase for this year?
  • 2.4 How do I apply for Social Security benefits?
  • 2.5 What factors determine my Social Security payment amount?

Social Security Payment Details

Who Gets What?

British Columbia Rent Increase 2024: Here’s Increase Limit & More Guidelines

The Social Security Administration (SSA) calculates different payment amounts for various beneficiaries:

• Retired workers: Average $1,900 per month
• Survivors: Average $1,505 per month
• Social Security Disability Insurance (SSDI) recipients: Average $1,537 per month
• Supplemental Security Income (SSI) recipients: Average $698 per month

Maximum Payments

The maximum Social Security checks vary depending on the type of benefit and the beneficiary’s 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 publishes an annual schedule with exact payment dates. For July, the payment dates are:

• July 3rd: Recipients who claimed benefits before 1997
• July 10th: Recipients born between the 1st and 10th
• July 17th: Recipients born between the 11th and 20th
• July 24th: Recipients born between the 21st and 31st

Applying for Social Security

GIS Allowance For Canadian Seniors: Know Eligibility Criteria & Application Process

To receive Social Security payments, you must apply for the program and meet certain income, resource, work history, or disability requirements. It’s a good idea to contact a financial advisor or SSA professional to help with the application process.