Social Security payments are vital for many retired workers and disabled individuals, providing essential support to cover living expenses. Every month, the U.S. Social Security Administration (SSA) sends out millions of payments to seniors and those
receiving Social Security Disability Insurance (SSDI). If you’re eligible, it’s important to know when you’ll receive your payments and how they are calculated.
What Is Social Security?
Social Security is an insurance program funded by payroll taxes and federal taxes. It offers benefits through two main programs:
- Old-Age and Survivors Insurance (OASI): Provides pensions for retirees.
- Disability Insurance (DI): Provides support for individuals with disabilities.
Each year, workers can earn up to four credits, with one credit earned for every $1,640 in earnings (as of 2023). These credits contribute to your eligibility for benefits.
When Will Seniors and Disabled People Get Their Payments?
Social Security payments are issued based on your birth date. Here’s the schedule for this month:
- July 10th: Benefits for those born between the 1st and 10th.
- July 17th: Benefits for those born between the 11th and 20th.
- July 24th: Benefits for those born between the 21st and 31st.
On average, seniors receive about $1,900 per month, while disabled individuals receive around $1,537. These amounts can vary depending on different factors.
SSA Financial and Insurance Programs – Monthly Payment Amounts
Retirement Benefits:
- Average: $1,900
- Age 62: $2,710
- Age 67 (Full Retirement Age): $3,822
- Age 70: $4,873
Social Security Disability Insurance Benefits:
- Average: $1,537
- Blind Recipients: $2,590
- Maximum Payment: $3,822
If your payment doesn’t arrive on time, wait at least three mailing days before reaching out to SSA customer service. You can also check your status on your My Social Security Account.
How Does Social Security Calculate Monthly Benefit Amounts?
The SSA calculates your monthly benefit based on your work history and earnings. They consider your highest 35 years of earnings. Here’s how it works:
- Primary Insurance Amount (PIA): This is the base for your monthly payment, calculated by dividing your total earnings by 420.
- Spousal and Survivor Benefits: These are based on your PIA.
- Cost-of-Living Adjustment (COLA): Adjusts payments to keep up with inflation.
Understanding the payment schedule and how your benefits are calculated can help you manage your finances better. Keep track of your payment dates and make sure you meet all eligibility requirements.
If there are any issues, check your My Social Security Account or contact SSA customer service after the appropriate waiting period.
When will I receive my Social Security payment?
Payments are issued based on your birth date. For July, the dates are July 10th, 17th, and 24th.
How much will my Social Security benefit be?
It varies based on your work history. On average, seniors get $1,900, and disabled individuals get $1,537 monthly.
What should I do if my payment is late?
Wait at least three mailing days before contacting SSA customer service. You can also check your My Social Security Account.
How is my Social Security benefit amount calculated?
Benefits are based on your highest 35 years of earnings. Your Primary Insurance Amount (PIA) is used as the base for your monthly payment.
What is Cost-of-Living Adjustment (COLA)?
COLA adjusts your benefit amount to keep up with inflation, ensuring your benefits maintain their value over time.
