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By Aliss Higham
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Social Security forms the bedrock of financial means for millions of Americans every year. Payments are made to retired individuals aged over 65, qualifying people with disabilities, and the survivors of deceased claimants.
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In 2024, an average of almost 68 million Americans per month will receive some form of Social Security benefit, with around $1.5 trillion expected to be paid out this year, according to the SSA. Due to the vast number of claimants and amounts dispensed, not every claimant is paid on the same date each month.
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Payments are generally made once a month to all claimants. After June, in which many of the regular payment dates were changed, payouts in July will now follow the regular SSA schedule.
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When your benefits are paid out depends on several factors, including your date of birth, what type of benefit you collect, and where you live. Also known as the Old Age, Survivors, and Disability Insurance (OASDI) program, the monthly payouts are intended to replace lost income resulting from factors like old age, incapacity, or the loss of financial support once provided by a deceased spouse or parent. These claimants amounted to 58.5 million of those paid benefits in 2023.
Supplemental Security Income (SSI) is an additional payment given to elderly, blind, and disabled individuals with minimal income and assets. Often, these payments are intended to boost the income of retirees whose OASDI payments might fall short of providing a basic living. In 2023, disabled workers and their dependents claiming benefits amounted to 8.5 million.
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Newsweek has broken down all of the Social Security payment dates for July 2024.
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July 1
This month, all SSI payments and Social Security payments for those who have been claiming since before July 1997 will be made on July 1. The July 1 payment date also applies to those who claim Social Security but live abroad.
July 3
For those who receive SSI and Social Security benefits, your retirement check will be on July 3, separately from your SSI.
July 10
Those with birthdays that fall between the 1st and 10th of any month will receive their monthly amount on July 10.
July 17
Claimants who have a birthday between the 11th and 20th of any month receive their payment on July 17.
July 24
Anyone born between the 21st and 31st of any month will have their benefits paid on July 24.
Due to inflation, benefits have increased by 3.2 percent for all claimants this year. The Cost of Living Adjustment (COLA) has been in place since December for SSI recipients and January this year for those who just get Social Security. The next COLA calculation will be announced in October this year.
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