Good News for Retirees – Social Security Announces Upcoming $1,907 Payment Date

Social Securityis responsible for providing benefits for retired workers, survivors, disabled people, and recipients of the Supplemental Security Income (SSI) program. Without these payments, millions of beneficiaries would be unable to cover their essential needs and keep up with inflation. As the SSA recently announced, there is a new $1,900 payment for all seniors who claimed benefits after May 1997 and were born between the 11th and the 20th on Wednesday, July 17th. Additionally, keep in mind that this Social Security payment alreadyincludes the 3.2% boost from the cost of living adjustment (COLA)approved last year.

According toSocial Security statistics, more than 70 million people receive benefits from the retirement, survivor, and disability insurance (RSDI) and Supplemental Security Income (SSI) programs, from whom most are retirees and their families. In addition, the Social Security Administration projects that by the end of 2024, more than 180 million people will be working in jobs covered by Social Security and paying Social Security taxes.

Social Security payment schedule announced for July

Every month, theSocial Security Administration (SSA)delivers five rounds of payments for eligible recipients. In general, SSI recipients receive their benefits on the first day of the month, while RSDI beneficiaries who collected benefits before May 1997 get their money on July 3rd. Later, the SSA will provide three more payment sets to RSDI beneficiaries who received benefits after 1997, based on the day they were born, as follows:

• RSDI beneficiaries born between the 1st and the 10th will be paid onJuly 10th
• RSDI beneficiaries born between the 11th and 20th will be paid onJuly 17th
• RSDI beneficiaries born between the 21st and the 31st will be paid onJuly 24th

To qualify for these payments, beneficiaries should meet specific requirements, such as working history, have reached full retirement or the minimum age required, and have made Social Security contributions. First, beneficiaries must earn 40 credits, equivalent to 10 years of employment, throughSocial Security taxes. Each credit is acquired during a quarter or three months. Therefore, accumulating enough credits takes at least ten years of employment. In 2024, one credit will be provided for every $1,730, with annual inflation adjustments.

Moreover, future Social Security applicants must be at least 62 years old, but the monthly payment amount changes according to their age. Those atfull retirement age (FRA), which is presently 67, receive $3,822 per month, while those as young as 62 might receive up to $2,710 per month. Lastly, remember that to receive the maximum monthly benefit, you must meet all of the Social Security Administration’s requirements. Since this may be difficult, but not impossible, it is recommended that you review your case with a financial professional or SSA expert to increase your chances of receiving this payment in the future.

Social Security benefits will receive an extra boost soon

Social Security benefits will receive an extra boost due to the cost of living adjustment (COLA) for 2025. Once the new COLA increase is officially announced in October, Social Security benefits will receive that extra boost as of January 2025. According to theSenior Citizens League’s (TSCL)most recent forecasts, the COLA for 2025 will be approximately 2.6%. If the 2.6% increase takes effect in January 2025,the new amount of Social Security benefitsavailable to retirees will be:

For additional information about your Social Security payment dates, always refer to theSocial Security payment schedule, and if you want to get additional information about your monthly statements or request further procedures, you can access your My Social Security Account.