Over 70 million Americans rely on Social Security. These benefits, whether categorized as retirement, spousal, survivor, or disability, form a crucial part of their financial stability. Given the vast number of recipients, it’s understandable that not all beneficiaries receive their payments on the same day each month.
Payments for retirement, spousal, and survivor benefits are typically staggered throughout the month. The timing depends on the recipient’s birth date and whether they receive additional payments like Supplemental Security Income (SSI).
Today, beneficiaries born between the 21st and 31st will see their benefits paid
The Social Security Administration (SSA) advises recipients to wait three working days before reaching out if a payment doesn’t arrive as expected. It’s important to remember that Saturdays, Sundays, and public holidays do not count as working days.
The question of how much Social Security you can expect to receive is a common one among retirees and those planning for retirement. According to data from the Social Security Administration (SSA), the average benefit for a retired worker in May reached $2,002.39, marking the first time it has surpassed the $2,000 threshold.
Social Security Benefits
SSA explained, “The average Social Security benefit amount changes monthly.” These benefits are calculated based on a worker’s highest 35 years of earnings. As wages generally increase over time, new groups of retirees tend to raise the average benefit, reflecting their higher lifetime earnings.
Factors Influencing Your Social Security Benefits
While the average benefit is an important number, the actual amount a beneficiary receives can vary. Factors such as lifetime income and the age at which one begins collecting benefits play significant roles. Here’s a breakdown:
- Retiring at age 62 allows you to receive up to $2,831 per month.
- Waiting until the full retirement age of 67 increases the maximum benefit to $4,018.
- Delaying until age 70 boosts the monthly benefit to a maximum of $5,108.
These figures highlight the importance of timing and career earnings in determining your Social Security benefits. Understanding these elements can help you make informed decisions about your financial future in retirement.
In May, SSI payments provided crucial financial support to approximately 7.4 million blind and disabled Americans, with an average payment of $718.30.
When Are Social Security Payments Issued in July?
For those anticipating their Social Security benefits in July, here’s a breakdown of the payment schedule:
- Tuesday, July 1: SSI payments are distributed.
- Thursday, July 3: Retirement benefits are released for individuals who have been receiving checks since before May 1997.
- Wednesday, July 9: Retirement, spousal, and survivor benefits for those born between the 1st and 10th of any month.
- Wednesday, July 16: born between the 11th and 20th.
- Wednesday, July 23: born between the 21st and 31st.