Retirement, disability, and Supplemental Security Income (SSI) benefits from Social Security will be paid out in July. The majority of people receive theirs according to their birthdays. However, later this month, the SSA may begin deducting up to 50% from your check if you were previously overpaid.
When and Who Gets Paid?
Because 70 million Americans get SSA benefits, they spread out payments, which aids in budgeting.
SSI recipients (often elderly, disabled adults, and children with disabilities) on July 1st (Tuesday).
Wednesday, July 9: Retirement benefits or SSDI for those born on July 1–10.
Wednesday, July 16: Birthdays 11–20.
Birthdays 21–31 on Wednesday, July 23.
Also, several older benefits adhere to outdated guidelines: The third of the month is often when those who began receiving benefits before to May 1997 or who get both retirement and SSI are paid.
Keep an eye out for automatic deductions
If you owe SSA money, be aware of it. Those who have been overpaid and are not currently on a repayment plan may have up to half of their current monthly check withheld in late July in order to pay back previous overpayments. SSA is working to recover almost 2 million of these cases from previous years. Although there isn’t an official count available yet, it’s realistic to assume that many people may be impacted.
Why Average Checks Differ
Retirement benefits are determined by your earnings over a 35-year period and your retirement date.
Start with modest checks at 62.
Hold off until you reach full retirement age.
Await the maximum monthly check of 70.
SSDI is a disability-specific program that is based on comparable lifetime earnings. Additionally, SSI provides a flat payment based on need to individuals with low incomes or impairments (adults making less than $2,020 per month).
Have You Missed Your Check?
Do not panic. If you don’t receive your payment:
Hold off for three working days (holidays and weekends are not included).
Missing? You can visit your local Social Security office or give them a call at 1-800-772-1213.
The bottom line
SSI payments begin on July 1st.
SSDI/retirement checks based on birthdate are scheduled on July 9, 16, and 23.
Excessive payments? In July, you might anticipate deductions of up to 50% of your paycheck.
Make a note of the dates and verify your balance if you are receiving SSI or SSDI. Additionally, before automatic deductions begin, get in touch with the SSA to establish a reasonable payback schedule if you believe there has been an overpayment.
