Social Security Payments After July 4th:
Social Security payments for retirees after July 4th, Independence Day, will be distributed on various dates based on the retiree’s birthdate. The first payment will be made on July 10th for those who:
1. Did not receive Social Security before May 1997.
2. Are not on SSI benefits.
3. Were born between January 1st and October 10th.
For retirees who meet the first two requirements but not the birthdate condition, the payment dates are as follows:
1. July 17th: Retirees born between January 11th and October 20th.
2. July 24th: Retirees born between October 21st and October 31st.
It’s important to note that the amount of Social Security payment varies depending on the individual’s work history, earnings, and filing date. As of May 2024, the average Social Security amount is $1,916. However, the maximum benefit for retirees in 2024 is $4,873, which is available for those who file at 70.
For those who file at Full Retirement Age, the maximum benefit could be up to $3,822. Seniors who opt for early filing can receive a monthly payment of up to $2,710. For those receiving Social Security Disability Insurance, the paydays will be the same as for retirees.
