Retirees who were born between these days will receive their last Social Security payment within hours

Chris Hemsworth
5 Min Read

Millions of retirees in the United States will soon receive their Social Security payments. These payments can vary from $1,900 to $4,873, depending on when the retiree first claimed their benefits, their work history, and other factors. This article will help you understand the payment schedule and factors influencing the payment amount.

Understanding Social Security Payments

What Determines Your Social Security Payment?

The amount of Social Security payment retirees receive depends on several factors:

  • Full Retirement Age (FRA): This is the age at which you are eligible to receive your full retirement benefits, which is currently 67.
  • Work History: The more years you have worked and the higher your earnings, the larger your benefit.
  • Contributions: Payments depend on the Social Security taxes you have paid over the years.

Payment Amounts and Timing

  • Average Payment: The average Social Security payment is about $1,900 per month.
  • Early Claiming: If you claimed your benefits before reaching FRA, your payment could be up to $2,710.
  • At FRA: Waiting until FRA can result in monthly payments of up to $3,822.
  • Delayed Claiming: Delaying benefits until age 70 can yield a maximum benefit of $4,873 per month.

Maximum Benefit Requirements

To qualify for the maximum Social Security benefit, retirees must:

  • Meet SSA Requirements: Fulfill specific criteria set by the Social Security Administration.
  • Pay Maximum Taxes: Have paid Social Security taxes on earnings up to the maximum taxable amount.

Social Security Payment Schedule for July

General Payment Schedule

The Social Security Administration has a payment schedule based on your birth date and when you claimed your benefits.

Retirees Who Claimed Benefits Before May 1997

  • July 3rd: Payment will be mailed.

Retirees Who Claimed Benefits After May 1997

  • July 10th: Payment for birth dates between the 1st and 10th.
  • July 17th: Payment for birth dates between the 11th and 20th.
  • July 24th: Payment for birth dates between the 21st and 31st.

Concerns About the Future of Social Security

Retirement Income Sources

According to a study by the Employee Benefit Research Institute and Greenwald Research, most retirees rely on three sources of income:

  • Social Security: Nearly all retirees depend on it.
  • Employer-Sponsored Plans: These include pensions and 401(k) plans.
  • Individual Savings: Personal savings and investments.

Future Uncertainty

Many are concerned about the future of Social Security:

  • Depletion of Trust Funds: The trust funds are projected to be depleted within the next decade, potentially leading to a 20% cut in benefits unless Congress acts.
  • Medicare’s Future: Medicare’s trust fund, which covers hospital insurance, is expected to run out sooner than Social Security’s funds.

Understanding your Social Security payment schedule and the factors that influence your benefits is crucial for managing your retirement finances. It is important to keep track of the payment dates and stay informed about potential changes to the Social Security program. By planning ahead and being aware of your options, you can make the most of your retirement benefits.


1. What is the average Social Security payment?

The average Social Security payment is about $1,900 per month.

2. How can I qualify for the maximum Social Security benefit?

To qualify, you must meet SSA requirements and have paid Social Security taxes on earnings up to the maximum taxable amount.

3. When will I receive my Social Security payment in July?

Your payment date depends on when you claimed your benefits and your birth date. Payments are made on July 3rd, 10th, 17th, and 24th.

4. What happens if the Social Security trust funds run out?

If the trust funds are depleted, there could be a 20% cut in benefits unless Congress takes action.

5. What are the main sources of retirement income?

The main sources are Social Security, employer-sponsored retirement plans, and individual savings or investments.

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