By Raul Rodriguez Cota
01 Jul 2024, 18:39 PM EDT
The first Americans to receive money will be those receiving Supplemental Security Income (SSI) benefits. The Social Security Administration has confirmed that SSI recipients will receive payments on July 1, 2024.
On average, payments will be about $697. Some SSI recipients may receive up to $943 if they are single or up to $1,415 if they are eligible married couples.
Retirement and SSDI benefits before Independence Day
Recipients of both Social Security Disability Insurance (SSDI) and retirement benefits may be eligible for the July 3 payment.
They must fall into one of two groups of eligible beneficiaries. If they receive benefits but do not meet the requirements, they may have to wait until July 10, 17 or 24 to receive their money.
So your money will be in your bank accounts after Independence Day.
If you receive both SSI and Social Security, you will receive your money on July 3, just before Independence Day.
Those who began receiving Social Security payments before May 1997 qualify for a direct deposit or check on July 3. So these are the Americans who will receive money before July 4.
Social Security Amounts Before Independence Day
The Administration will send checks of up to $4,873 to those receiving retirement benefits in July. This is the maximum retirement payment before Independence Day.
SSDI recipients have a different maximum amount. Social Security can award up to $3,822 to qualified disability recipients.
If you receive an average payment, you can expect to receive approximately $1,916. The average SSDI payment is approximately $1,537.
Since disabled workers are unable to continue working, they may not reach the required number of years to receive higher payments.
Requirements for higher Social Security payments
To qualify for the highest Social Security payments, you must have worked for 35 years, earned the maximum taxable amount that entire time, filed at age 70, and have had jobs covered by the SSA.
Keep reading:
– Social Security: $4,873 within 9 days for these people
– What Donald Trump said about Social Security and Medicare for immigrants arriving in the US
– 5 reasons you could lose some of your Social Security benefits when you retire