Receiving a monthly income is vital for millions of beneficiaries who rely on these payments to cover their retirement expenses. Tomorrow, the Social Security Administration (SSA) will issue a new $1,900 monthly check to retired workers, survivors, and disabled individuals who claimed benefits before May 1997.
These beneficiaries are the only ones eligible for this payment, while those who claimed benefits after that date will receive their checks on a staggered schedule based on their birth date, distributed on the second, third, and fourth Wednesdays of every month.
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Cost of Living Adjustment (COLA)
The payments scheduled for tomorrow already include the 3.2% boost from the cost of living adjustment (COLA). According to SSA projections, approximately 67 million people will receive monthly Social Security payments, with over 52 million of them being retirees. By 2024, more than 180 million people are expected to be employed and paying Social Security taxes.
July 2024 Payment Schedule
After the initial round of payments, the SSA will send three additional rounds of payments for recipients based on their birth dates:
- July 10th: Beneficiaries born between the 1st and 10th
- July 17th: Beneficiaries born between the 11th and 20th
- July 24th: Beneficiaries born between the 21st and 31st
Payment Amounts
The amount each RSDI beneficiary receives depends on several factors, including their full retirement age (FRA), work history, Social Security taxes paid, and type of disability. Here’s a breakdown of the monthly checks that various beneficiaries can expect this month:
| Monthly Payments | Retirement Benefits | Survivors Benefits | Disability Benefits |
|---|---|---|---|
| On Average | $1,900 | $1,505 | $1,537 |
| Other Payments | Age 62: $2,710 | Individual: $1,773 | Blind Recipients: $2,590 |
| Age 67: $3,822 | 2 Children: $3,653 | Maximum Payment: $3,822 | |
| Age 70: $4,873 |
To receive the maximum monthly payment from the SSA, beneficiaries must meet all eligibility requirements. Consulting a financial professional or SSA specialist can increase your chances of maximizing your Social Security payment. For more information, visit the SSA’s official website or use your My Social Security account.
Eligibility for Surviving Children
Approximately 2.7 million children receive monthly Social Security benefits, with over half receiving benefits due to the death of a working, tax-paying parent. Nearly all children in the United States (98 out of 100) may be eligible for Social Security following the death of a parent. In some cases, the child’s surviving parent may also qualify for benefits. The death of a parent can have significant financial, health, and educational impacts on children, according to David Weaver of the University of South Carolina.
Importance of Benefits
Social Security benefits are crucial for surviving children and families across all demographics. Surviving children receive an average monthly benefit of more than $1,000. These benefits are paid until the child reaches age 18 or 19 if still in high school and not married. Stepchildren, grandparents, step-grandparents, and adopted children may also qualify for monthly benefits under specific conditions.
The significance of these payments cannot be overstated. They provide a safety net for millions, ensuring financial stability and support during retirement, disability, or the loss of a family breadwinner. If you’re a beneficiary, staying informed and proactive about your benefits can help you maximize your financial security.
FAQs
When will the new $1,900 checks be issued?
Tomorrow, to those who claimed benefits before May 1997.
Who is eligible for the $1,900 payment?
Beneficiaries who claimed benefits before May 1997.
What is the COLA boost for this year?
A 3.2% increase.
When are July payments for new claimants?
July 10th, 17th, and 24th.
Can children of deceased parents receive benefits?
Yes, until age 18 or 19 if in high school.
