Although summer has arrived and many of us are thinking about taking a break, the Social Security Administration (SSA) continues its work without pause. In July, the SSA is continuing to distribute monthly payments to beneficiaries.
This month, the third round of checks will be issued on Wednesday, July 10th. Thanks to the cost-of-living adjustment, the average monthly payment for retired workers has increased to $1,900 this year.
Who Receives These Social Security Payments?
The SSA provides monthly benefits to several groups of people: retired workers, survivors, and those receiving disability benefits, such as Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI).
However, to avoid administrative issues, payments are not made all on the same day. This staggered schedule can cause confusion among beneficiaries unfamiliar with the SSA’s payment calendar. But once understood, the process is quite straightforward.
Full Payment Schedule for July SSA
The payment schedule for the rest of July is based on the beneficiaries’ birth dates:
- Wednesday, July 10th: Retirement benefits for those born between the 1st and the 10th of any month, who began claiming benefits after May 1997.
- Wednesday, July 17th: Retirement benefits for those born between the 11th and the 20th of any month, who began claiming benefits after May 1997.
- Wednesday, July 24th: Retirement benefits for those born between the 21st and the 31st of any month, who began claiming benefits after May 1997.
To stay informed about payment dates throughout the year, beneficiaries can check the complete Social Security payment schedule for 2024.
Generally, the dates do not vary much: benefits are distributed on the 1st and 3rd of each month for special cases and the second, third, and fourth Wednesdays of the month for the rest of the beneficiaries, unless a weekend or a federal holiday pushes the payment to the previous business day.
Eligibility for the July 10th Payments SSA
According to the payment schedule available on the SSA’s website, SSI payments are distributed on the first day of the month, which in July was Monday, the 1st. On Wednesday, July 3rd, the SSA sent payments to those who started receiving retirement benefits before May 1997 and to those living permanently abroad.
The next round of payments, scheduled for July 10th, will be directed to beneficiaries born between the 1st and the 10th of any month who began claiming benefits after May 1997.
Reasons for the Staggered Payment Schedule by the SSA
The SSA uses a staggered payment schedule for several reasons:
- Increased Beneficiaries: With more people retiring, especially baby boomers, the staggered schedule helps spread out the workload.
- Service Efficiency: By staggering payments, the SSA ensures efficient service and avoids overwhelming the system on a single large payment date.
- Installment Payments: Large past-due benefits are paid in installments to avoid large lump-sum payments, with exceptions for specific conditions.
- Separate Accounts for Minors: Benefits for minors with a representative payee are kept in separate accounts to ensure the money is used for the child’s needs.
How Payments Are Made and What to Do in Case of Delays
Most payments are sent via direct deposit to the bank account provided by the beneficiaries to the SSA. This is the fastest and safest way to receive the money, although delays can occur due to bank processing times. If you have concerns, contact your bank to learn about their processing protocols.
For those receiving payments by regular mail, paper checks are sent with the intention of arriving on the promised date. However, external factors such as weather or the routes of the U.S. Postal Service can delay delivery. If a beneficiary does not receive their payment on the expected date, the SSA advises waiting three additional days before contacting them to account for possible mail delays.
How Does the SSA Handle Large Past-Due Benefit Payments?
When someone is due a large sum of overdue benefits, the SSA pays these benefits in installments rather than a single lump sum. Specifically:
- Installment Payments: Unpaid benefits are paid in parts if the amount exceeds a certain threshold.
- Exceptions: Installment requirements can be waived for certain conditions, such as expected death within 12 months.
- Increased Installments: The first and second installments can be increased to cover specific debts and expenses, like food, clothing, shelter, and medical needs.
Impact of Cost-of-Living Adjustments
The 3.2% increase in Social Security payments this year reflects cost-of-living adjustments, aimed at helping beneficiaries maintain their purchasing power in the face of inflation. These adjustments are crucial to ensure that payments remain adequate and relevant in the current economic context, allowing beneficiaries to cover their basic needs.
For those who want to plan ahead, the Social Security payment schedule for 2024 is available and provides a detailed breakdown of payment dates. Knowing these dates is essential for beneficiaries to manage their finances effectively and ensure they receive their payments on time.
