Social Security Payments: Two Direct Deposits Coming in July

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Social Security and SSI Payments July

Next week, the Social Security Administration will send out payments. Here’s what you need to know:

For SSI Recipients

  • Payment Date: July 1.
  • Amount: Up to $943 if single, up to $1,415 for married couples. Average is about $697.
  • If Also Receiving Social Security: The SSI payment might be about $574 if you’re 65 or older. For those aged 18-64, average SSI payments are about $743.

For SSI and Social Security Recipients

  • Payment Dates: July 1 (SSI) and July 3 (Social Security).
  • Eligibility: Low-income individuals receiving both SSI and Social Security (retirement or SSDI).

If you receive both, you’ll get SSI on July 1 and Social Security on July 3.

For Social Security Only Recipients

  • Payment Date: July 3.
  • Eligibility: Started receiving Social Security before May 1997.
Social Security Payments Two Direct Deposits Coming in July

Maximum Social Security Benefit

  • High Earners: Up to $4,873 per month if you claim at age 70 and earned the maximum taxable amount for 35 years.
  • Retirement Age: Full retirement age in 2024 is 66 years and 6-8 months, depending on your birth year.
  • Earnings Limit: Before your birthday month in 2024, you can earn up to $59,520. Earnings above this reduce benefits.

SSDI Payments

  • Average: $1,537.
  • Maximum: $3,822.

All We Know

  • If you receive both SSI and Social Security, your Social Security payment might be reduced.
  • Supplemental Security Income (SSI) is for low-income individuals, including those over 65, blind, or disabled.
  • Social Security Disability Insurance (SSDI) is for individuals with disabilities who have a sufficient work history.

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