The Social Security Administration has announced the final payment for July set to be deposited for qualified retirees, aiming for a maximum retirement benefit of $4,873 for 2024. This expected payout is notably the highest for the month and indicates an ongoing commitment to support retired individuals. Updating personal bank details is also stressed to avoid complications when receiving this payment.
According to the Social Security Administration (SSA), another payment cycle will commence on July 24th for a specific group of beneficiaries. These include those not on Supplemental Security Income (SSI), retirees who began receiving benefits after May 1997, and approved beneficiaries. The vital eligibility criterion revolves around the recipient’s birth date; individuals born between the 21st and 31st of a month are eligible.
This group of beneficiaries represents the last batch of seniors eligible for the July Social Security payouts.
July’s maximum payout details for retirees
Beneficiaries who qualify for the Social Security Disability Insurance (SSDI) can claim their benefits on the same date.
Retirees with high earnings who deferred their benefits until they turned 70 could receive a generous monthly payment of up to $4,873. To qualify for this hefty sum, a 35-year work history in SSA-covered employment is required, along with accruing maximum earnings. However, this high payout is only accessible if they wait until the full retirement age of 70. Beneficiaries considering claiming benefits at age 62 could experience a reduction of about 30% in monthly payments.
Retirees who didn’t complete a 35-year work history, thereby not significantly contributing to the SSA benefits framework, unfortunately, won’t qualify for this specific payment. They could, however, be eligible for other payments, such as potentially $3,822 if they register at Full Retirement Age or an average payment of approximately $1,918.
Lastly, arrangements for disbursements for August are already in progress, with designated payment dates within the month. This includes retirees receiving Supplemental Security Income; potential maximum payments could reach up to $943, though the average is typically around $697.
