July Social Security Payments Are Coming: When Will You Get Yours?

You’ll want to be informed so you can effectively manage your finances.

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Updated July 24, 2024
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As Social Security recipients anticipate their July payments, understanding the process and timing can prevent any confusion.

The arrival of your benefits is determined by various factors, including your birthdate and chosen payment method.

Here’s what you need to know to ensure you get your hard-earned Social Security payment this July so you can keep the cash flowing and stretch your retirement savings.

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When your July payment is coming

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The Social Security Administration disburses funds at different times throughout the month based on your birthdate. Here’s the schedule for July:

  • Birthdate from July 1 to July 10: July 10
  • Birthdate from July 11 to July 20: July 17
  • Birthdate from July 21 to July 31: July 24

Supplemental Social Security payments are paid out on different dates

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If you received Social Security before May 1997 or if you’re receiving both Social Security and Supplemental Social Security Income (SSI), your payment dates will be different.

You'll receive your Social Security payment on July 3. You’ll receive SSI payments on July 1.

Your spouse and children will be paid on the same day as you

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In some circumstances, individuals may be eligible for benefits that come from their spouse’s or parent’s working history. In these cases, the benefit is paid on the same day as the primary beneficiary.

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The amount of your Social Security benefit is based on your earnings

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The monthly Social Security benefit is calculated based on your earnings throughout your working years as well as your chosen retirement age.

You can start collecting Social Security as early as age 62. However, your benefit will be reduced if you claim it early rather than wait until you’re older.

In 2024, the average payment for retired workers is $1,907 per month. For couples receiving benefits together, the average payment is $3,033 per month.

The majority of people will receive Social Security benefits in their lifetime

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Almost all (97%) of Americans ages 60 to 89 either already receive Social Security or will receive it in their lifetimes.

Social Security payments play a crucial role in providing a level of financial stability during retirement. Payments help many older Americans afford housing, daily cost of living expenses, and healthcare.

Always report late or missing payments

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Many Social Security recipients receive their payments through direct deposit these days. However, if you still receive paper checks, it’s of paramount importance to act if your Social Security payment goes missing, your check fails to arrive on time, or if it doesn’t arrive at all.

Start by contacting your bank to verify the payment's status. If the bank isn’t able to confirm, be sure to reach out to the Social Security Administration or your local office. They can be reached at 1-800-772-1213 between 8:00 AM and 7:00 PM local time, Monday through Friday.

Take action if you suspect your payment was stolen

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Taking immediate action is absolutely necessary to protect your identity and finances if you suspect your Social Security payment has been stolen from you.

Be sure to report any suspicions to your local Social Security office and law enforcement. You can also visit IdentityTheft.gov for additional assistance in protecting your personal information.

Check your cost of living adjustment (COLA)

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You’ll want to understand the cost-of-living adjustments (COLA) to make sure you’re getting the correct payment. In 2024, the COLA increased payments by 3.2% from the previous year, affecting January and subsequent payments.

If you suspect any inconsistencies in your July payment amount, don't hesitate to contact the Social Security Administration for further clarification.

Bottom line

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Understanding the schedule for Social Security payments in July can help you plan your finances more effectively. Make sure to check the specific dates based on your birthdate or the benefits you receive to avoid any confusion or financial stress.

By staying informed about when to expect your money, you can better manage your budget and maintain financial stability throughout the month for a stress-free retirement. Are you prepared for your upcoming July payment?

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Adam Palasciano

Adam Palasciano is a personal finance-obsessed and money-savvy individual who loves to hash out content on all things saving money. He specializes in writing millennial-friendly personal finance content, covering topics ranging from trending financial news, debt, credit cards, cryptocurrency, and more.