The Social Security Payout Date 2024 – The Amount, the Schedule, and the Eligibility! – Throughout the year, the Social Security Administration (SSA) distributes payments according to a specific schedule. SSA pays Social Security benefits – including retirement, disability, and survivor benefits – on Wednesdays, depending on your birthdate.
Social Security Payout Date 2024
Following are the dates by which Social Security recipients can expect to receive their monthly payments in 2024:
| Month | Second Wednesday | Third Wednesday | Fourth Wednesday |
| June 2024 | June 12 | June 19 | June 26 |
| July 2024 | July 10 | July 17 | July 24 |
| August 2024 | August 14 | August 21 | August 28 |
Social Security Payout Schedule 2024
Social Security benefits – such as retirement, disability, and survivor benefits – are disbursed on Wednesdays by the Social Security Administration. The exact Wednesday you receive your payment depends on your birthdate.
- In 2024, you’ll receive your benefits on the second Wednesday of each month if your birthday falls between 1st and 10th.
- When you were born between the 11th and 20th of the month, you will receive your payout every third Wednesday.
- If your birthdate falls between 21st and 31st, your benefits are scheduled for the fourth Wednesday of the month.
Individuals who began receiving benefits after May 1997 are subject to this schedule. Your payout date may differ if you started receiving benefits before May 1997 or if you receive both Social Security and Supplemental Security Income (SSI).
Social Security Payout Eligibility
A specific set of eligibility criteria must be met in order to receive the benefits. The list includes:
How to earn work credits:
- Earning enough Social Security credits is the key to eligibility. Generally, you earn credits by working and paying Social Security taxes.
- It takes approximately 10 years of work to earn the minimum requirement of 40 credits.
- (With some exceptions for disability benefits), the number of credits you’ve accumulated affects your benefit amount, not necessarily your eligibility.
Retirement age (for retirement benefits):
- Retirement benefits are typically available at age 62. The amount of the benefit is reduced if you claim earlier.
- At Full Retirement Age (FRA), which varies based on your birth year (usually between 66 and 67), you can receive full retirement benefits.
For benefits based on disability:
- A medical condition must be expected to last at least one year or result in death in order to qualify for disability benefits.
- In addition, you must be unable to perform any past relevant work because of your disability.
- For disability benefits, specific credit requirements apply, depending on your age when your disability began.
- Dependent children and spouses of retired or deceased workers may be eligible for benefits based on their earnings history.
Social Security Payout Amount 2024
You will likely receive a much higher benefit than the average in 2024, which is about $1,776.73. Factors that determine your Social Security benefit include:
Amount of primary insurance (PIA):
- As a result, you receive a monthly benefit.
- SSA calculates your PIA based on your 35 highest-paid working years’ average indexed monthly earnings (AIME).
- A higher PIA and, consequently, a higher monthly benefit will result from your career earnings, especially during your peak earnings years.
FRA (Full Retirement Age):
- When you claim your benefits, your age has a significant impact on how much you receive.
- It is possible to receive your full, unreduced PIA by claiming at your FRA.
- When you claim earlier (as early as age 62), your monthly benefit is permanently reduced, typically by 30%. In contrast, if you delay retirement beyond your FRA, you will receive a higher monthly benefit, up to a maximum age of 70.
DRCs (Delayed Retirement Credits):
- Every month you delay claiming your benefits beyond your FRA, you earn DRCs that increase your monthly benefit by a specific percentage.
- You can receive a higher benefit amount if you earn more credits than the minimum 40 credits. Once you accumulate a substantial number of credits, however, the impact is lessened.
- To account for inflation, Social Security benefits are adjusted annually based on the COLA.
How to apply for the Social Security Payout 2024?
Online retirement benefits can be applied for through the Social Security Administration (SSA). You can apply online by following these steps:
- Visit the SSA’s online retirement application page at https://www.ssa.gov/apply.
- To access your Social Security benefits, you must create a secure account with My Social Security.
- Online access to Social Security services and managing your benefits application are all possible through this account.
- You will be guided through several steps during the application process, including providing your personal information, employment history, and preferred payment method (direct deposit is highly recommended).
- Following the submission of your application, the SSA will review your information and contact you if additional information is needed.
