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By Aliss Higham
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Millions of Social Security retirees are expected to get their monthly payment into their bank accounts on July 10.
Social Security forms the bedrock of the retirement plans for more than 60 million Americans. However, as tens of millions of people are paid Social Security benefits every month, not every recipient gets their money on the same date. Payments are divided into groups, with most retirees getting their money depending on their birth date.
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On Wednesday, beneficiaries with a birthday between the first and 10th of any given month are set to receive their payments from the Social Security Administration.
Following today's payments, two more rounds are due to be issued in July. Those born between the 11th and 20th of the month should expect their payments on July 17. For recipients born between the 21st and 31st, amounts are issued on July 24.
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There are some exceptions to these payment dates. Those who have been claiming since May 1997—27 years ago—or who collect both retirement benefits and Supplemental Security Income, should have already been paid on July 3 for the Social Security portion. Those who claim SSI should have been paid on July 1.
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If you receive benefits based on the work record of another person—for example, survivor or spousal benefits—your payment date is based on the primary beneficiary's birthday, not your own.
If you have not received your monthly payment on the expected date, the SSA recommends waiting three working days before contacting the agency. Saturdays, Sundays and public holidays are not considered working days.
How much retirement benefit you receive is based on various factors, including the age you started claiming and how much you earned during your highest-paid working years.
In 2024, the $4,873 maximum is paid only to those who retired at age 70, and it is also subject to how much that person earned during their highest-earning working years. If you stop working and begin claiming your retirement benefits at 62, the earliest age possible, your maximum benefit possible would be $2,710.
In January, the average amount paid to individuals was $1,907. However, this amount is likely to rise in 2025 because of the Cost of Living Adjustment.
COLA changes the amount beneficiaries receive in line with inflation, based on the Consumer Price Index for Urban Wage Earners and Clerical Workers. How much more recipients can expect to receive next year depends on the index's figures in this year's third quarter—July, August and September.
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