Social Security forms the foundation of financial support for millions of Americans, including retirees, individuals with disabilities, and survivors of deceased claimants, with almost 68 million Americans expected to receive benefits in 2024. In July 2024, payments will be made on specific dates depending on factors such as birthdate, type of benefit, and location. The Old Age, Survivors, and Disability Insurance program pays out monthly benefits to replace lost income due to various circumstances, with 58.5 million beneficiaries in 2023. Supplemental Security Income provides additional payments to elderly, blind, and disabled individuals with minimal income and assets to supplement their OASDI payments.
Social Security payments for July 2024 have been broken down by Newsweek to provide recipients with information on when they can expect their benefits. Those who have been claiming since before July 1997, as well as recipients living abroad and those receiving SSI, will receive their payments on July 1. Retirement checks for individuals receiving Social Security benefits will be issued on July 3. Birthdays falling between the 1st and 10th of any month will result in payments on July 10, while birthdays between the 11th and 20th will receive benefits on July 17. Those born between the 21st and 31st of any month will have their payments issued on July 24.
With a 3.2 percent increase in benefits due to inflation this year, the Cost of Living Adjustment has been in place since December for SSI recipients and since January for Social Security beneficiaries. The next COLA calculation will be announced in October. Social Security plays a crucial role in providing financial stability for millions of Americans, and knowing the specific payment dates for July 2024 can help recipients plan their finances accordingly. As the largest social insurance and welfare program in the country, Social Security benefits aim to replace lost income due to factors like old age, disability, or the loss of financial support from a deceased spouse or parent.
Supplemental Security Income serves as an additional payment for elderly, blind, and disabled individuals with limited income and assets, ensuring that they have enough to cover basic living expenses. Disabled workers and their dependents, as well as retirees who may not receive enough from OASDI payments, can benefit from SSI payments. In 2023, 8.5 million disabled workers and their dependents claimed benefits, highlighting the importance of these additional payments for individuals facing financial challenges. Social Security payments are essential for millions of Americans, providing them with a source of income to support themselves in retirement, in case of disability, or as survivors of deceased claimants.
