The month of July is crucial for many Americans awaiting their checks from the Social Security Administration. In the United States, Social Security follows its July schedule, and as of tomorrow, benefits for those born between the 1st and 10th of each month (July in this case) will be effective. This is because the SSA sends millions of payments to beneficiaries each month, and checks are sent to each beneficiary based on their date of birth, to streamline the distribution process. However, workers who retired before May 1997 and SSI recipients receive their money during the first days of the month, regardless of their date of birth.
This information is relevant because with nearly 70 million people receiving retirement, disability (SSDI), or survivor benefits, the distribution of these funds represents a tremendously important source of income for a large portion of the population.
How much money do beneficiaries receive?
The exact amount depends on the beneficiary. However, the Administration has a table of official estimates that offer a better overview for those seeking information about their financial future. Under this line of thinking, and after the COLA increase, the average payment for a retired worker is nearly $2,000.
Thus, retired workers, who make up the vast majority of Social Security beneficiaries, receive an average of $2,000 per month. On the other hand, the maximum retirement check is $5,108 per month. Workers with disabilities receive an average of $1,581.97 per month, while survivor’s pension beneficiaries receive a monthly average of $1,566.66.
It’s worth remembering that the other payment dates for this benefit will be divided as follows: for those born between the 11th and the 20th, the payment date will be Wednesday, July 16, and for those born between the 21st and the 31st, it will be Wednesday, July 23. On the other hand, in cases such as benefits for spouses or survivors, the payment date will coincide with the primary beneficiary’s birthday.
How to apply for this aid?
To receive the payment, you only need to have an active, properly configured “My Social Security” account and up-to-date direct deposit. If you don’t yet use the platform, you can go to SSA.gov, select the “Sign In/Sign Up” option, and verify your identity. You can also create one by phone or at a local office.
If payment is delayed, which is possible, those affected should first consult with their bank. If the problem persists, they should call the SSA or visit a physical office. Finally, if the benefit payment is still being received via paper check, it is recommended to wait three business days after the scheduled delivery date. If it has not arrived by that time, it is advisable to contact the SSA.
The SSA will begin withholding up to 50% of your benefit each month
The SSA reminds you that if you have received an overpayment and haven’t agreed to a refund, they will begin withholding up to 50% of your benefit each month. You can file a waiver request if reimbursement is impossible or you believe you weren’t responsible for the error.
Regarding the aforementioned, in 2023, the SSA attempted to recover overpayments from approximately two million people. Although not all beneficiaries will be affected, those who are should prepare for a reduction in deposits and contact the SSA immediately to discuss refund options or appeal procedures.
