Social Security Payout July 2024 – Payment Amount & Eligibility Criteria!

Every year, the Social Security Administration (SSA) applies a cost of living adjustment to all benefits and payments, and all Social Security retirees and recipients await Social Security Payout in July 2024. This adjustment commonly referred to as COLA is predicated on an inflation-related statistical average.

Social Security Payout July 2024

Every month on the third, as well as the second, third, and fourth Wednesdays, Social Security benefits are normally disbursed. Your date of birth is often used to identify the exact date of your Social Security payment. The first of every month is when payments for Supplemental Security are made.

The principal beneficiary’s birth date determines your payment date if you get benefits (spousal benefits, survivor benefits, etc.) based on someone else’s employment record rather than your own. Social Security Payout dates for July 2024 fall on:

  • Tuesday, July 1st
  • Thursday, July 3rd
  • Wednesday, July 10th
  • Wednesday, July 17th
  • Wednesday, July 24th

Your July Social Security payment will arrive on July 3 if you receive Supplemental Security Income, and your July SSI payment will arrive on July 1. Your Social Security payment will be sent on the second Wednesday of July if your birthday occurs on any day between the first and the tenth of the month of your birth.

Your Social Security payment will be sent on the third Wednesday of July if your birthday occurs on any day between the eleventh and the twentieth of the month of your birth. Your birthday will be paid by Social Security on the fourth Wednesday of July if it comes on a day other than the twentieth of the month in which you were born.

Social Security Payment Amount for 2024

Retirement benefits and disability payments are computed differently. The benefits you get depending on your spouse’s wages are determined by their employment history. Nevertheless, the following approximations of your possible advantage:

  • The maximum monthly Social Security retirement payout for a worker retiring in 2024 at full retirement age is $4,194.
  • In 2024, $1,907 will be the average Social Security retirement payment.
  • In 2024, the Social Security Administration will boost most claimants’ payments by 3.2% via a cost-of-living adjustment (COLA).

How does the agency determine my Social Security payment date?

Payments are normally sent out by the Social Security Administration on the second, third, and fourth Wednesdays of each month. Your birth date determines the day you get your check. 

  • Your payment will be made on the second Wednesday of the month if your birthday comes between the first and the tenth of the month.
  • Your payment will be made on the third Wednesday of the month if your birthday comes between the eleventh and the twentieth of the month.
  • Your payment will be made on the fourth Wednesday of the month if your birthday occurs between the 21st and the 31st of the current month.

Social Security Payment Eligibility 

In 2024, you have to fulfill the following conditions to be eligible for Supplemental Security Income (SSI):

  • The SSA has set a federal benefit rate, and your monthly income must fall below it. This fee is based on your living circumstances (single, couple, etc.) and is changed yearly.
  • You have to be blind, 65 years of age or older, or have a handicap that is predicted to last at least a year or cause death.
  • You need to have a restricted amount of assets, such as savings, investments, and cash. When receiving SSI, there are specified asset values that are limited by the SSA.
  • Eligible non-citizens with certain immigration statuses or U.S. citizens must also fulfill additional conditions.
  • Whether you live alone, with a spouse, or in a public institution may have an impact on how much SSI you get.
  • Your SSI payment amount will be reduced by any additional income you get, such as from public assistance programmes or Social Security retirement benefits.

Projections of Social Security COLA Increases For 2025

The newest COLA growth projection for 2025 was released by the non-profit retiree advocacy organization Senior Citizen League (TSCL). They predict a rise of 2.6%, which is slightly higher than the OECD’s and the IMF’s expected inflation rates of 2.3% and 2.05%, respectively. 

There is not enough data to determine the exact percentages, so let’s take a close look at these two figures. Retirees will undoubtedly be dissatisfied with Social Security if their monthly benefits only rise by 2.6%. SSDI benefits for handicapped workers would rise by $40, from $1,538 to $1,578, as a result.

A retired worker who now earns an average of $1,916 would now receive $1,966, an increase of only $50. The benefits of a spouse will rise by $24 to $935, whereas the benefits of a surviving spouse will increase by just $39.

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