Social Security Payout Date 2024 – Payment Schedule, Amount & Eligibility!

The Social Security Administration (SSA) distributes payments on a specific schedule throughout the year. The SSA disburses Social Security benefits – including retirement, disability, and survivor benefits Wednesdays, with the specific Wednesday determined by your birthdate.

Social Security Payout Date 2024

In 2024, Social Security recipients can expect to receive their monthly payments on the following dates:

Month Second Wednesday Third Wednesday Fourth Wednesday
June 2024 June 12 June 19 June 26
July 2024 July 10 July 17 July 24
August 2024 August 14 August 21 August 28

Social Security Payout Schedule 2024

The SSA disburses Social Security benefits – including retirement, disability, and survivor benefits – on Wednesdays. However, the exact Wednesday you receive your payment depends on your birthdate.

  • Birthdate Between 1st and 10th: You’ll receive your benefits on the second Wednesday of each month in 2024.
  • Birthdate Between 11th and 20th: Your payout arrives on the third Wednesday of each month.
  • Birthdate Between 21st and 31st: Your benefits are scheduled for the fourth Wednesday of each month.

This schedule applies to individuals who began receiving benefits after May 1997. If you started receiving benefits before May 1997 or are receiving both Social Security and Supplemental Security Income (SSI), your payout date might differ.

Social Security Payout Eligibility

Receiving the benefits requires specific eligibility criteria. It includes:

Earning Work Credits:

  • The core element for eligibility involves earning enough Social Security credits. You typically earn credits through work and paying Social Security taxes.
  • The minimum requirement is generally 40 credits, which translates to roughly 10 years of work.
  • The number of credits you’ve accumulated influences your benefit amount but not necessarily your eligibility (with some exceptions for disability benefits).

Age (for Retirement Benefits):

  • The earliest you can claim retirement benefits is typically age 62. However, claiming earlier results in a reduced benefit amount.
  • You can receive full retirement benefits at your Full Retirement Age (FRA), which varies depending on your birth year (usually between 66 and 67). 

Disability (for Disability Benefits):

  • To qualify for disability benefits, you must have a medical condition that is expected to last at least one year or result in death.
  • Additionally, you must be unable to perform any past relevant work due to your disability.
  • Specific credit requirements apply for disability benefits, with varying rules based on your age when your disability began.
  • Spouses and dependent children of retired or deceased workers might be eligible for benefits based on the worker’s earnings history.

Social Security Payout Amount 2024

The average monthly benefit in 2024 is around $1,776.73, the actual figure for you will likely differ significantly. The elements that determine your Social Security payout:

Primary Insurance Amount (PIA):

  • This forms the foundation of your monthly benefit.
  • The SSA calculates your PIA based on your average indexed monthly earnings (AIME) over your 35 highest-paid working years.
  • In simpler terms, the more you earned during your career, especially in your top-earning years, the higher your PIA and, consequently, your monthly benefit.

Full Retirement Age (FRA):

  • The age at which you claim your benefits significantly impacts the amount you receive.
  • Claiming at your FRA allows you to receive your full, unreduced PIA.
  • Choosing to claim earlier (as early as age 62) results in a permanent reduction in your monthly benefit, typically by up to 30%. Conversely, delaying retirement beyond your FRA leads to an increase in your monthly benefit, up to a maximum at age 70.

Delayed Retirement Credits (DRCs):

  • If you delay claiming your benefits beyond your FRA, you earn DRCs that increase your monthly benefit by a specific percentage for each month you postpone claiming.
  • Earning more than the minimum 40 credits can influence your benefit amount. However, the impact lessens after you’ve accumulated a substantial number of credits.
  • Social Security benefits are adjusted annually based on the COLA to account for inflation.

How to apply for the Social Security Payout 2024?

You can apply for your retirement benefits online through the Social Security Administration’s (SSA) website. The online application process is;

  • Head over to the SSA’s online retirement application webpage: https://www.ssa.gov/apply.
  • You’ll need to create a secure My Social Security account if you don’t have one already. 
  • This account allows you to manage your benefits application and access other Social Security services online.
  • The application process will guide you through various steps, including providing your personal information,employment history, and preferred payment method (direct deposit is highly recommended).
  • Once you’ve completed the application and submitted it electronically, the SSA will review your information and contact you if they require any additional documents.

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