Social Security benefits in the United States increase a little bit each year. This increase is thanks to the COLA and being able to get it is really easy. However, not every year we see the same increase in retirement benefit checks. What’s more, sometimes we may find that there is no increase at all.
But in this year 2024 we did see a 3.2% increase, which has caused maximum benefits to increase. And that is why in the month of July 2024 we will see a higher check than in the month of July 2023. Social Security payments are increasing and because of that retirees are not losing purchasing power.
So if you have a benefit from the previous year you will be able to see that in this year you get a larger payment. Without a doubt, it’s always good news to get a little extra money to enjoy a better retirement. And thanks to the Social Security COLA this is possible.
New Maximum Social Security Amount in 2024
The Social Security payment in July 2024 will reach a maximum of $4,873 for age-based retirees. However, Disability beneficiaries can get a maximum check of $3,822 in both July and the rest of 2024.
This does not mean that all Americans with an SSA payment will have access to such a large check. This year’s payments are up 3.2% over last year, but still not everyone can have the maximum check. Only those who already had the maximum check in previous years can have one of the maximum checks again.
Upcoming Social Security checks in July 2024
In July 2024, the Social Security Administration will send new checks to eligible beneficiaries. In total, we will have 4 retirement payments and one Supplemental Security Income payment. Here is the schedule for those payments:
- July 1st. On this day, the SSA will send the Supplemental Security Income payment to all Americans who have this benefit accepted. The maximum payment is $943.
- July 3rd. Social Security retirees with a benefit prior to May 1997 get check on this day. The maximum payment is $4,873 for Age Retirement and $3,822 for Disability (SSDI).
- July 10th. Retirement payments for post-May 1997 beneficiaries with birthdays between the 1st and 10th of any month. Maximum payment is the same as July 3rd checks.
- July 17th. Retirement payments for post-May 1997 beneficiaries with birthdays between the 11th and 20th of any month. Maximum payment is the same as July 3rd checks.
- July 24th. Retirement payments for post-May 1997 beneficiaries with birthdays between the 21st and 31st of any month. The maximum payment is the same as the July 3rd checks.
In total, the same citizen can reach two different checks, although only one of them is for retirement. The other check is the Supplemental Security Income check. In addition, we must also remember that the Social Security payment can be for both Disability and Age Retirement.