Millions of retirees under the Social Security system are slated to receive their monthly payments directly into their bank accounts by July 10th.
Social Security serves as a cornerstone of retirement planning for over 60 million Americans. However, due to the large number of recipients, payments are staggered across different dates depending on recipients’ birth dates.
According to the Social Security Administration, beneficiaries whose birthdays fall between the 1st and 10th of any month will receive their payments this Wednesday.
“In addition to today’s payments, two more rounds are scheduled for July,” said an official. Those born from the 11th to the 20th can expect payments on July 17, while those born from the 21st to the 31st will receive payments on July 24.
Exceptions to these dates include those who have been receiving benefits since May 1997 or who receive both retirement benefits and Supplemental Security Income (SSI). These groups received their payments on July 3 and July 1 respectively.
“If you receive benefits based on someone else’s work record, such as survivor or spousal benefits, your payment date is tied to the primary beneficiary’s birthday,” the official clarified.
The SSA advises waiting three working days before contacting them if your payment is delayed beyond the expected date, excluding weekends and public holidays.
The amount of retirement benefit you receive depends on several factors, including the age at which you start claiming benefits and your earnings during your highest-paid years of work.
For those who retired at 70, the maximum benefit of $4,873 is available in 2024, contingent upon their earnings during their peak working years. Those who opt to start claiming benefits at 62, the earliest possible age, can receive a maximum benefit of $2,710.
“In January, the average individual received $1,907,” the official stated. This amount is expected to increase in 2025 due to the Cost of Living Adjustment (COLA).
COLA adjusts benefits annually based on inflation, specifically tied to the Consumer Price Index for Urban Wage Earners and Clerical Workers. The increase beneficiaries can expect in the coming year hinges on the index’s third-quarter figures for July, August, and September of this year.