The second round of Social Security payments for July will go out on Wednesday to beneficiaries born between the 11th and 20th of any month. These payments can be as high as $4,873 for those who retire at 70. Social Security payments are sent out on each month’s second, third, and fourth Wednesdays.
Those born from the 1st to the 10th received their checks on July 10. The final July payments will be distributed on July 24 to those born on or after the 21st. The earliest age to start collecting Social Security is 62, but the maximum benefit is $2,710 per month.
Retiring at 67 allows for a maximum monthly benefit of $3,822.
July’s distribution schedule for beneficiaries
Payments in 2024 have been increased by 3.2% from 2023 levels to adjust for inflation-related cost-of-living changes.
To get the maximum Social Security benefit, you must meet certain work history requirements. These include working for at least 35 years, delaying benefits until age 70, and earning an income above the Social Security payroll tax cap. You can estimate your likely monthly benefit by setting up an account on the Social Security Administration website.
After verifying your identity, you can view your Social Security statement, earnings history, and estimated benefit based on your Full Retirement Age (FRA). Some ways to increase your Social Security benefits are:
– Working for 35+ years
– Waiting until age 70 to claim benefits
– Claiming spousal benefits if your spouse earned more
– Claiming survivor benefits from a deceased spouse or ex-spouse
– Avoiding the earned income penalty by limiting work income before FRA
– Checking your earnings statement yearly for errors
In addition to Social Security, low-risk investments like bond funds, money market funds, dividend stocks, CDs, annuities, and high-yield savings accounts can provide reliable retirement income. By optimizing your Social Security benefits and making smart investments, you can better secure your financial well-being in retirement.
