Over 55 million retired workers will receive their last Social Security direct deposit for the month within hours. This payment is specifically for retirees who claimed benefits after May 1997 and were born between the 21st and 31st. To qualify, retirees must have met all conditions such as the full retirement age (FRA), sufficient working history, and required Social Security contributions during their active working years.
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Payment Variations
Not all retirees receive the same amount from Social Security. The Social Security Administration (SSA) pays an average of $1,900 per month. However, the amount can vary significantly:
- Retirees who claimed benefits before reaching FRA and didn’t contribute based on the maximum taxable earnings can receive up to $2,710.
- Those who claimed benefits at 67 can receive up to $3,822.
- Retirees who delay benefits until age 70 and contribute based on maximum taxable earnings could receive up to $4,873 per month.
Payment Schedule
After this final payment for July, the SSA will begin August payments. Here are the confirmed dates for August payments:
August 1st (Thursday)
First Round: SSI recipients will receive their benefits. This group includes individuals and couples who meet income and resource requirements.
August 2nd (Friday)
Second Round: Benefits for retirees, survivors, and disabled individuals who claimed benefits before May 1997. Normally, these benefits are delivered on the third of the month, but since it falls on a weekend, they will be delivered earlier.
August 14th (Wednesday)
Third Round: Benefits for retirees, survivors, and disabled individuals who claimed benefits after May 1997. This round is for those with birth dates between the 1st and the 10th.
August 21st (Wednesday)
Benefits for retirees, survivors, and disabled individuals with birth dates between the 11th and the 20th.
August 28th (Wednesday)
Benefits for retirees, survivors, and disabled individuals with birth dates between the 21st and the 31st.
Factors for Future Retirees
As retirement nears, it’s essential to plan carefully. Here are three crucial factors to consider before claiming Social Security benefits:
Financial Needs
Your financial stability should guide your retirement age decision. If you’re financially stable, you might opt for early retirement and collect Social Security benefits sooner. Alternatively, you could delay retirement or work part-time until reaching your full retirement age for higher benefits.
Life Expectancy
Consider your expected lifespan when deciding when to claim Social Security. Early claiming reduces benefits, while delaying increases monthly payments. For those with average or below-average life expectancies, larger checks from delayed claiming can be beneficial.
Marital and Family Status
Your marital status and family considerations are vital. If you’re the higher-earning spouse, your benefits can impact your partner’s financial well-being. Divorced individuals who were married for at least ten years may also be eligible for benefits based on their ex-spouse’s work record.
Knowing the intricacies of Social Security benefits is essential for retired workers. Payment amounts vary based on several factors, and the SSA has a structured payment schedule to manage the different programs. As retirement approaches, careful planning is crucial to maximize benefits. Consider your financial needs, life expectancy, and family status to make the best decision for your retirement.
FAQs
Who gets the last July Social Security payment?
Retirees born between the 21st and 31st.
How much can retirees get monthly?
Between $1,900 and $4,873, depending on various factors.
When are August SSI payments?
On August 1st for SSI recipients.
Can delaying retirement increase benefits?
Yes, delaying can significantly increase monthly payments.
What to consider before claiming benefits?
Financial needs, life expectancy, and family status.