The final countdown for the last Social Security check or direct deposit in July is about to start in one day. Following this payday, there will soon be a new round of checks in August. Let’s cut into the details of the last Social Security payment dates, amounts, and what to expect if you’re among the recipients.
Table of Contents
- 1 Recipients
- 2 Payment Date
- 3 Payment Amounts
- 3.1 IRS Overhauls Pension and Retirement Plans – Social Security Checks Impacted
- 3.2 Filing at 62
- 3.3 Full Retirement Age
- 3.4 Maximum Benefit
- 3.5 Social Security Issues Official Update – Important December Notice for Retirees
- 3.6 FAQs
- 3.7 When is the last Social Security payment date in July?
- 3.8 Who receives the Social Security payment on July 24?
- 3.9 What is the average Social Security payment for retirees?
- 3.10 How much can you get if you file at 62?
- 3.11 What is the highest possible Social Security benefit?
Recipients
The last group of Americans to receive Social Security payments in July will be those whose birthdays fall between the 21st and the 31st. However, eligibility is restricted if you meet the birthdate requirement but receive Supplemental Security Income (SSI) or started collecting benefits before May 1997.
Payment Date
The Social Security Administration (SSA) has confirmed that the next Social Security check will arrive on July 24. If you receive your payments via direct deposit, you can check your bank account on that date.
For those who receive checks by mail, you should also expect them to arrive around the same date. However, if your check does not arrive, you must wait for three mailing days before reporting a missing payment. It’s advised to contact your bank first before reaching out to the SSA.
Keep in mind that there is another check due on July 17 for those whose birthdays fall between the 11th and 20th, provided they did not receive any prior checks in July.
Payment Amounts
The average Social Security payment for retired workers is $1,916. This average varies, as some retirees receive less due to factors like insufficient tax payments, working only 10 years, or having a low wage.
Filing at 62
If you filed for Social Security at 62, the maximum amount you can receive is $2,710. However, the average check for 62-year-olds is significantly lower, around $1,298.
Full Retirement Age
At Full Retirement Age (FRA), the maximum benefit increases to $3,822. This is the amount you can receive if you are 66 years and 8 months old.
Maximum Benefit
The highest possible retirement benefit amount seniors can receive on July 24 is $4,873. Achieving this amount is quite rare because it requires meeting several stringent criteria: earning the contribution and benefit base for 35 years in jobs covered by the SSA, and filing for benefits at age 70.
The final Social Security check or direct deposit for July is imminent, with the last payments scheduled for July 24. Knowing the specifics of payment dates and amounts can help you better manage your expectations and finances. Remember to check your bank account or mail on the specified dates and follow the appropriate steps if you encounter any issues with receiving your payment.
FAQs
When is the last Social Security payment date in July?
The last payment date is July 24.
Who receives the Social Security payment on July 24?
Those with birthdays between the 21st and 31st.
What is the average Social Security payment for retirees?
The average payment is $1,916.
How much can you get if you file at 62?
The maximum amount is $2,710.
What is the highest possible Social Security benefit?
The highest benefit is $4,873.
