One group of Social Security Administration (SSA) recipients will be receiving on average $2,000 as the first payment date for some beneficiaries will be in early July. Those beneficiaries who are deemed eligible to receive their benefit by the second week of July will be retirees whose birthdays fall between the 1st and 10th of any month. As per the SSA’s staggered payment system, recipients receive their benefits according to their birthdates so as to ensure administrative efficiency.
How much will recipients awaiting payment receive?
As per the 2,5% cost-of-living adjustment (COLA), the average benefit that eligible recipients can receive is about $1,976 per month, which is just slightly off the $2,000 mark. While the $1,976 Social Security payment does seem highly beneficial, the amount that each recipient receives depends on their individual earnings record and retirement age.
Citizens earning higher wages while working and who choose to retire later will receive higher benefit checks. At present, those citizens who choose to retire at 67 receive the maximum benefit of $4,018, while those who postpone their retirement until 70 will receive a maximum of $5,108.
The payment amount received by each Social Security recipient will vary and is based according to their earnings history and the age at which they choose to start claiming their benefits.
When will the first group of recipients receive their payments?
The first distribution of Social Security benefits will go out to those retirees, spouses, or survivors who were born on the 1st and 10th of any month. Those whose birthdays fall between the 1st and 10th should circle Wednesday, July 9, on their calendars. Recipients must remember that payment will show up in their accounts either on July 9 or a few days later.
The Social Security payment being sent out on July 9 won’t be the first payment being sent out by the SSA. Supplemental Security Income (SSI) will be paid out earlier in the month of July by Thursday, July 3.
How to react to late Social Security payments?
Over 91% of Social Security recipients choose the direct deposit option as a payment method and should receive payments on time. However, beneficiaries who choose to receive payments via paper checks could see payments come in later, and possibly after July 9. There may be just one group that feels as if their payment was delayed until July 1; however, everyone else won’t be affected by last month’s payment schedule.
There are a few steps that Social Security recipients can take if their payment did not arrive on time. Recipients must:
- As recommended by the SSA, wait for 3 days after the scheduled payment date before contacting the SSA.
- Check that the direct deposit information is accurate and updated.
- Contact the SSA to find out more details on the status of payment.
- If all else fails, contact the bank as well to verify if there are any processing delays.
Although payment delays are rare, they can occur due to banking errors or if information has not been updated correctly. Thus, recipients must keep updating all records. Most payments from the SSA are paid out as per the Social Security payment schedule.
The Social Security payment snapshot in a nutshell
In July, the SSA payment schedule will be far more predictable than the June payment schedule that saw no more payments being distributed until mid-June. Due to no holidays or weekends falling on payment dates, this month’s payment schedule will not be disrupted in any way.
According to the Social Security’s Monthly Statistical Snapshot, this month’s average Social Security payment will be about $2,000. Irrespective of how much Social Security beneficiaries are receiving, this month, July 9 will be the day that some recipients will receive their monthly payments and can rejoice.
Disclaimer: This content is informational only and does not supersede or replace the SSA’s or IRS’s own publications and notices. Always verify any specific dates and amounts by following the direct links in our article to SSA.gov or IRS.gov, or by consulting your local SSA field office or tax professional.
