Social Security Benefit Payments 2024 July. The nation's 72 million social security beneficiaries will get a raise starting in 2024 to keep their benefits aligned with inflation. The ssa will issue social security benefit payments for july 2024 on the 1st of the month, as well as the second, third, or fourth wednesday of the month (depending on the recipient's date of birth of their birth month).

Currently, workers pay the social security tax on their first $147,000 of earnings. A 3 percent adjustment would boost the average social security retirement benefit — $1,839 a month in july 2023 — by about $55 a month in 2024.