Social Security has begun disbursing payments to certain recipients. However, these checks are not particularly large, with the highest payment in a month for those on Supplemental Security Income (SSI) reaching up to $914. Couples may receive a slightly higher amount, about $1,371, but this is still substantially less than other Social Security retirement benefits.
Furthermore, payments for essential persons under the SSI program can be as low as $458. Interestingly, the July payment was dispatched earlier, on June 30, since July 1 fell on a Saturday. This early disbursement is due to Social Security’s policy to send money on the preceding business day to avoid payments landing on weekends or holidays.
Social Security Payments: Eligibility Criteria and Potential Benefits for Retirees
Another payment was also made to seniors who began receiving retirement benefits before May 1997, or those who collect both SSI and SSA benefits, typically on the third day of the month. In July 2023, the highest possible payment that Social Security recipients can get is $4,555. However, very few Americans are eligible for such a hefty sum. To qualify, you need to have retired at the age of 70. Given that many Americans prefer to retire earlier, they do not meet this criterion.
Beyond the age requirement, individuals must have worked for a minimum of 35 years. Also, during this period, they should have achieved the benefit base, a fairly high earnings threshold which, in 2023, is set at about $160,200. Each year, Social Security increases this benefit base. According to Social Security’s own data, the average retirement check for seniors in 2023 is around $1,827. Those who have met the benefit base for 35 years and retire at Full Retirement Age can receive up to $3,627.
This is also the maximum sum for someone on Social Security Disability Insurance (SSDI). However, SSDI recipients typically receive much less. Many need to apply for SSDI before having a long work history, thus reducing their benefits.
The average SSDI recipient can expect to receive about $1,483. As a result, some may find themselves applying for Supplemental Security Income to gain additional funds to cover their expenses.
Given the modest size of these Social Security benefits, individuals relying on low incomes might consider applying for the Supplemental Nutrition Assistance Program (SNAP). The payments for those eligible for up to $4,555 are scheduled for July 12, 19, and 26. If you received your check on July 3, you may be eligible for a check of up to $4,555.