Two direct Social Security payments will be deposited into retiree and disability bank accounts within hours. According to the Social Security Administration (SSA), retired Americans are eligible for monthly benefits of between $1,900 and $4,873, while disabled people can receive checks ranging from $1,537 up to $3,822. If you’re eligible for retirement or disability benefits, learn more about the next two Social Security payments being deposited on July 3.
The amount of monthly payments for retirees and people with disabilities depends on several factors, including your full retirement age (FRA), your work history, the type of disability, and the contributions you paid into the Social Security system before you worked or became disabled. Social Security is an insurance program designed to provide millions of Americans with monthly payments that keep up with inflation and cover basic living needs in retirement.
However, one of the most common issues is that many retirees are now unable to cover all of their expenses, especially with rising medical costs after retirement. Unfortunately, seniors and beneficiaries overall believe that these COLA increases do not adequately address the inflationary increases over the past year. Furthermore, recent estimates suggest that the COLA projection for 2025 could be between 2.6% and 3%, which is lower than the current 3.2% adjustment. As a result, some beneficiaries are expressing concern about the future of their Social Security benefits and even questioning the viability of the Social Security system itself.
Social Security payments are due to arrive in the mail next week
Beneficiaries who are eligible for retirement and disability benefits under the official Social Security benefit schedule will receive their benefits on Wednesday, June 3. To receive these Social Security benefits, retirees and disabled workers must have applied for benefits before May 1997. Beneficiaries who began receiving benefits after that date will receive their benefits in stages on the second, third, and fourth Wednesday of each month. The benefit schedule can be confusing, so we’ve added all of the Social Security benefits due in July here.
Social Security Benefits for Retirees and Disabled Employees Who Received Benefits Before 1997 Wednesday, July 3: Benefits will be mailed today Social Security Benefits for Retirees and Disabled Employees Who Received Benefits After 1997 Retirees and Disabled Employees with Birth Dates of the 1st through the 10th (July 10th) Retirees and Disabled Employees with Birth Dates of the 11th through the 20th (July 17th) Retirees and Disabled Employees with Birth Dates of the 21st through the 31st (July 24th)
How much will retirees and people on disability receive in Social Security benefits next week?
According to the Social Security benefits approved this year, retired workers and disabled people who meet all the requirements may be eligible to receive the following check amounts:
Social Security Retirement Disability Average $1,900 $1,537 Other Benefits Age 62: $2,710
Age 67: $3,822
Age 70: $4,873
Blind recipients: $2,590
Maximum payout: $3,822
For example, if a retiree files for Social Security benefits at 62, the current retirement age, he or she can receive $2,710. Those who want to postpone until full retirement age (FRA) will receive an additional $1,112, reaching $3,822 per month. Finally, only those over 70 who paid Social Security contributions at the highest taxable income will be eligible for a monthly payment of $4,873. Meanwhile, disabled people can expect an average monthly check of $1,537, and if they meet their Social Security contributions, the maximum benefit can reach $3,822. Additionally, those who qualify as blind beneficiaries can receive a maximum monthly benefit of $2,590.