Social Security Payment Schedule for July 2024 – It should go without saying that one of your main responsibilities as a retiree is to monitor any annual changes to Social Security and make the necessary adjustments to your budget. But with so much new information to remember, it can be simple to overlook some of the minor points, including the timing of benefit payments—especially when the answer isn’t always obvious and differs from person to person. As a result, the Social Security benefit payment schedule for July 2024 that we have created is available below.
Social Security Payment Schedule July 2024
| Birthdate | Benefits Paid On |
| 1st – 10th | July 10, 2024 |
| 11th – 20th | July 17, 2024 |
| 21st – 31st | July 24, 2024 |
What Are Social Security Benefits?
Social Security benefits are payments paid to qualified retirees and disabled people, as well as their spouses, children, and survivors. Social Security, officially known as the Old-Age, Survivors, and Disability Insurance (OASDI) program in the United States, is a comprehensive federal benefits program designed to provide partial replacement income to retired adults and their spouses, those whose spouse or qualifying ex-spouse has died, and people with disabilities. Under some conditions, it also helps beneficiaries’ children.
How is social security calculated?
Social Security benefits are often calculated based on “average indexed monthly earnings.” This average represents up to 35 years of a worker’s indexed earnings. To calculate the primary insurance amount (PIA), we use a formula with this average. The PIA serves as the foundation for benefits provided to individuals. The procedure for calculating the PIA takes into account changes in general salary levels as determined by the national average wage index. We created examples to demonstrate how retirement benefits are computed.
