Social Security checks up to $4,555 in July 2023: Who will receive them and when?
The Social Security Administration will send July checks for up to $4,555. Which beneficiaries will receive this amount and on what dates will they arrive?
Every month, the Social Security Administration issues millions of payments to the agency’s beneficiaries, which mostly include retired workers, as well as people with some type of disability.
The exact amount will depend on each person’s particular situation. In the case of workers, the amount to be received is linked to the years worked, the salary received during that period, and the age the worker was when they requested their retirement.
READ ALSO: States handing out stimulus checks in July
Various Social Security payments
The median pay for a retired worker is $1,801 per month. However, those who claim the benefit at the minimum age of 62 can receive a maximum benefit of $2,572, depending on their situation; while those who do so at full retirement age, that is, at age 67, can receive maximum monthly payments of up to $3,627 per month.
Although the ideal is to claim Social Security checks at full retirement age, some people prefer to continue working a few more years to receive a higher pension. Those who extend their retirement age to 70 or older may be eligible for a maximum payment of $4,555.
READ ALSO: How employers can match student loan payments in your 401(k)
Social Security checks up to $4,555 in July 2023: Who will receive them?
In addition to applying for retirement at age 70 or later, other requirements to reach the $4,555 payments are: working a minimum of 35 years and earning the salary cap for each of those 35 years, plus paying Social Security payroll taxes on the maximum taxable income in those 35 years of highest earnings.
On what date do the payments arrive?
The payment schedule is linked to the date of birth of the beneficiaries. Those who were born from days 1 to 10 receive the checks on the second Wednesday of the month, while those with dates of birth between the 11th and the 20th receive it on the third Wednesday. Those born from days 21 to 31 are the last to receive the money.
This schedule does not apply to recipients of Supplemental Security Income (SSI), since they receive payments during the first days of the month regardless of their date of birth. Beneficiaries who retired before May 1997 receive it in the first week of the month.
Here is the payment schedule for the month of July:
- June 30: SSI Recipients (July Payment)
- July 3: Payees who began receiving their payments before May 1997
- July 12: Beneficiaries with a date of birth between the 1st and 10th
- July 19: Beneficiaries with a date of birth between July 11 and 20
- July 26: Beneficiaries with a date of birth between 21 and 31