On July 10, many Americans could see a new payment hit their bank accounts. The Social Security Administration (SSA) is sending out direct deposits to those who started receiving benefits from May 1997 onward and have birthdays between the 1st and 10th of any month. These payments could be as much as $4,873, but not everyone will qualify for this amount. Let’s break down who is eligible and how these payments work.
Who Will Receive Payments on July 10?
To be eligible for the maximum Social Security payment of $4,873 on July 10, you must have started collecting your benefits at the age of 70. However, just applying at 70 isn’t enough to receive this amount. There are specific requirements you need to meet to qualify for the maximum payment.
Requirements for the Maximum Payment
To receive the maximum payment, you must:
- File at Age 70: Begin collecting your Social Security benefits at the age of 70.
- Work History: Have a work history where you paid payroll taxes for at least 35 years.
- High Earnings: Earn the maximum taxable amount for Social Security for 35 years.
If you meet all these conditions, you’ll be eligible for the maximum payment. However, if you don’t meet these criteria, your payment amount will be smaller.
| Topic | Details |
|---|---|
| Eligibility for $4,873 Payment | Must have started collecting Social Security benefits at age 70, worked for at least 35 years, and earned the maximum taxable amount for Social Security during those years. |
| Payment Date: July 10 | Direct deposits will be sent on July 10 to those who started receiving benefits from May 1997 onward and have birthdays between the 1st and 10th of any month. |
| Requirements for Maximum Payment | 1. Filed for Social Security at age 70 2. Worked and paid payroll taxes for at least 35 years 3. Earned the maximum taxable amount for Social Security for 35 years |
| Alternative Payment Dates in July | – Birthdays between the 11th and 20th: Payment on July 17 – Birthdays between the 21st and 31st: Payment on July 24 |
| Special Payment on July 3 | Available for those who began receiving benefits before May 1997 and are at least 97 years old. |
| Consequences of Missing Requirements | If you don’t meet all the criteria for the maximum payment, you will receive a smaller amount based on your age, work history, and earnings. |
| Action if Payment Not Received | Contact the Social Security Administration (SSA) if you believe you are eligible but do not receive your payment. |
| Impact of Starting Benefits Before Age 70 | Starting benefits before age 70 reduces the monthly payment amount, making you ineligible for the maximum $4,873 payment. |
| Checking Earnings for Maximum Payment | Verify your earnings record by logging into your Social Security account online or reviewing your annual Social Security Statement. |
| Payment Dates for Other Birthdays | Payment dates and eligibility may vary for birthdays in different months; check with SSA for specific details. |
Payments for Other Birthdays in July
If your birthday falls between the 11th and 20th of the month, your payment will arrive on July 17. For those with birthdays between the 21st and 31st, your payment will come on July 24. The eligibility requirements for these payments are the same:
- Filed for Social Security at age 70
- Worked in jobs covered by SSA
- Worked for at least 35 years
- Earned the maximum taxable amount for 35 years
Special Payment on July 3
There is a special payment on July 3 for those who began receiving benefits before May 1997. To be eligible for this payment, you must be at least 97 years old. This payment is separate from the others mentioned and only applies to this specific group.
FAQs
Who is eligible for the $4,873 Social Security payment on July 10?
To be eligible for the maximum payment of $4,873 on July 10, you must have started collecting Social Security benefits at age 70, worked for at least 35 years, and earned the maximum taxable amount for Social Security during those years.
What is the significance of July 10 for Social Security payments?
July 10 is the date when the Social Security Administration (SSA) will send out direct deposits to eligible recipients who started receiving benefits from May 1997 onward and have birthdays between the 1st and 10th of any month.
How is the maximum Social Security payment of $4,873 determined?
The maximum payment is determined based on three factors: you must have started receiving benefits at age 70, worked and paid payroll taxes for at least 35 years, and earned the maximum taxable amount for Social Security during those years.
What if I don’t meet all the requirements for the $4,873 payment?
If you don’t meet all the requirements, your payment amount will be smaller. The exact amount will depend on factors such as the age you started receiving benefits, your work history, and your earnings.
Are there different payment dates for other birthdays in July?
Yes, if your birthday falls between the 11th and 20th, your payment will be on July 17. If your birthday is between the 21st and 31st, your payment will be on July 24. The eligibility requirements for these payments are the same as for the July 10 payment.
In summary, if you began receiving Social Security benefits from May 1997 onward and your birthday falls between the 1st and 10th of the month, you could receive up to $4,873 on July 10. However, this amount is only available if you meet specific conditions, such as filing for benefits at age 70, working for 35 years, and earning the maximum taxable amount. Payments for other birthdays in July will be on July 17 and July 24, depending on your birth date. It’s essential to meet all the requirements to qualify for the maximum benefit.
