Each month, the Social Security Administration disburses numerous payments to its beneficiaries, primarily consisting of retired workers and individuals with disabilities.The precise sum distributed varies based on individual circumstances. For employed individuals, the payment amount is determined by factors such as the duration of employment, the corresponding salary earned, and the age at which retirement was claimed.
The typical Social Security monthly payment for a retired worker stands at $1,801. However, individuals who choose to claim benefits at the minimum age of 62 can potentially receive up to $2,572 per month, depending on their circumstances. On the other hand, those who opt to claim benefits at the full retirement age of 67 can enjoy maximum monthly payments of up to $3,627.
Diverse Social Security Payouts
While it is advisable to claim Social Security checks at full retirement age, some individuals prefer to continue working for a few more years to enhance their pension. Those who extend their retirement age to 70 or beyond may qualify for a maximum payment of $4,555. To be eligible for the maximum payment of $4,555, individuals must fulfill certain criteria in addition to applying for retirement at age 70 or later.
These requirements include having a work history of at least 35 years, earning the salary cap for each of those 35 years, and paying Social Security payroll taxes on the highest taxable income during those years of highest earnings.
When can you expect to receive your payments?
The payment schedule is determined by the beneficiaries’ date of birth. If you were born between the 1st and 10th of the month, your payments will arrive on the second Wednesday of each month. For those born between the 11th and 20th, the payments will be received on the third Wednesday. Lastly, if your date of birth falls between the 21st and 31st, you will receive the payment last.
The payment schedule for the month of July is as follows:
- On June 30, SSI recipients will receive their July payment.
- On July 3, payees who started receiving their payments before May 1997 will receive their payment.
- On July 12, beneficiaries with a date of birth between the 1st and 10th will receive their payment.
- On July 19, beneficiaries with a date of birth between the 11th and 20th of July will receive their payment.
- On July 26, beneficiaries with a date of birth between the 21st and 31st will receive their payment.
However, please note that the above schedule does not apply to recipients of Supplemental Security Income (SSI). SSI recipients receive their payments during the first few days of the month, regardless of their date of birth. Additionally, beneficiaries who retired before May 1997 receive their payments during the first week of the month.