Today’s $1,918 Social Security Check Isn’t the Last for July

July is a significant month for retirees in the United States, with multiple Social Security payment dates. Typically, payments are distributed on the second, third, and fourth Wednesdays of the month, depending on the beneficiary’s birth date. For July 2024, retirees can expect their payments on July 17 and July 24. Here’s everything you need to know about these payment dates and eligibility requirements.

Payments

For many retirees, July 17 is a key payday. However, not everyone will receive their Social Security benefits on this date. The Social Security Administration (SSA) has scheduled an additional payment date on July 24. This means some retirees will need to wait an extra week for their money.

Eligibility

To receive your Social Security payment on July 17, you must meet several criteria:

• Approval from SSA: You must have filed and been approved for retirement benefits.
• No SSI: Supplemental Security Income (SSI) recipients are not eligible for this payment date.
• Retirement Benefits Timing: You should not have received retirement benefits before May 1997.
• Birth Date: Your birthday must fall between the 11th and 20th of the month.

If you meet these requirements, you could receive an average payment of $1,918. However, this amount can vary based on individual circumstances.

July 24 Payments

The requirements for receiving a Social Security payment on July 24 are almost identical to those for July 17. The key difference is the birth date range:

• Birth Date: Your birthday must fall between the 21st and 31st of the month.

Eligible retirees will receive an average payment of $1,918. Higher earners who filed at the age of 70 could receive up to $4,873, while those who filed at Full Retirement Age (FRA) might get up to $3,822. Early filers can expect an average check of about $1,298, with a maximum benefit of up to $2,710.

Monthly Budget

With these payment dates in mind, it’s essential to plan your monthly budget accordingly. Since the August payments are already scheduled, retirees should prepare for the upcoming month, ensuring their finances are in order.

Key Points

It’s important to note that the amounts retirees receive can vary widely. The average payment is $1,918, but this is just a benchmark. Factors such as your earnings history, the age at which you filed, and other personal circumstances will influence the exact amount you receive.

Direct Deposits and Checks

The SSA typically issues payments via direct deposit or checks. Make sure your banking information is up to date to avoid any delays in receiving your benefits.

Planning Ahead

Being aware of your payment dates and amounts can help you plan your expenses more effectively. Whether you receive your payment on July 17 or July 24, knowing the schedule allows you to manage your finances better and avoid any potential shortfalls.

Planning for Social Security payments can be complex, but knowing the basics can make the process smoother. By knowing your eligibility and the specific payment dates, you can ensure that your financial needs are met each month. Prepare for both July and the upcoming months to maintain a stable and secure retirement.

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