Direct Express Deposit Dates for July – SSA, SSI & SSDI

This post is about Direct Express Deposit Dates for July 2023 – for Social Security, SSDI, and SSI benefits. Social Security benefits are typically paid on a specific schedule based on various factors. The payment dates vary depending on the type of benefit, birthdate, and other circumstances.

For Direct Express Cardholders, it is crucial to understand when Social Security, SSDI and SSI payments will be made so that you can manage your finances effectively.

Continue reading below for the Direct Express Deposit Dates for July 2023.

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Table of Contents:

How Social Security and SSI Payment Schedules Work
Direct Express Deposit Dates for July 2023 – Retirees & SSDI
Direct Express Deposit Dates for July 2023 – SSI Benefits
What Time Will Direct Express Deposits Post?
Most Frequently Asked Questions

How Social Security and SSI Payment Schedules Work

Social Security (which includes Retirement and SSDI) and SSI (Supplemental Security Income) payments have different schedules for distribution.

Social Security benefits are paid in the month following the month for which they are due. The payment date depends on the birth date of the beneficiary:

If the birth date is between the 1st and the 10th, the payment is made on the second Wednesday of each month.
If the birth date is between the 11th and the 20th, the payment is made on the third Wednesday of each month.
If the birth date is between the 21st and the 31st, the payment is made on the fourth Wednesday of each month.

This staggered schedule was adopted by the Social Security Administration in June 1997 to accommodate the growing number of beneficiaries.

For individuals receiving SSI benefits, payments are made on the 1st of each month.

However, if the 1st falls on a weekend, the payment is issued on the Friday before the 1st.

Furthermore, if the 1st falls on a holiday, the payment is issued on the last business day before the 1st.

Direct Express Deposit Dates for July 2023 – Retirees & SSDI

If you are receiving retirement benefits or Social Security Disability Insurance (SSDI), your July payment will arrive on one of the following dates:

July 12: If your birthday falls between the 1st and 10th of July, you’ll receive your payment on the second Wednesday of July.
July 19: If your birthday falls between the 11th and 20th of July, you’ll receive your payment on the third Wednesday of July.
July 26: If your birthday falls after the 20th of July, you’ll receive your payment on the fourth Wednesday of July.

Please note that if you receive benefits based on someone else’s work record, your payment date will align with the primary beneficiary’s date.

Direct Express Deposit Dates for July 2023 – SSI Benefits

For Supplemental Security Income (SSI) recipients, the payment schedule is as follows:

June 30th: SSI payments are scheduled to be paid on June 30th.
July 3: If you live outside the U.S., receive both SSI and Social Security benefits, have your Medicare premiums paid by your state, or filed for Social Security benefits before 1997, you will be paid on July 3.

In 2023, there will be no SSI benefit payments in January, April, July, and October.

Instead, beneficiaries will receive payments at the beginning and end of March, June, and September.

More Money for SSI Recipients

The latest cost-of-living (COLA) adjustment boosted Social Security and Supplemental Security Income (SSI) payments by 8.7%.

As a result, SSI recipients should see a maximum federal payment of $914 for eligible individuals, $1,371 for an eligible individual with an eligible spouse, and $458 for an essential person.

See our 2024 COLA Prediction.

What Time Will Direct Express Deposits Post?

Generally, you should expect the payment to post at Midnight on your payment date.

For example, if your payment date is the 1st of the month, you should expect the deposit at midnight on the 31st.

This is true as long as it is a weekday.

However, if the prior day is a weekend or holiday, then expect the payment to be deposited by midnight the business day prior.

Most Frequently Asked Questions

Here are the most frequently asked questions about the Social Security payment schedule and benefits in general.

What if my scheduled payment date falls on a weekend or a holiday?

If your payment date falls on a weekend or holiday, you will receive your payment on the weekday immediately before the expected date.

What if my Social Security payment doesn’t arrive by the expected date?

In most cases, Social Security benefits are paid electronically through direct deposit.

However, if your payment is late, contact your bank or financial institution first to inquire about any potential delays.

If the issue persists, contact the Social Security Administration at 800-772-1213 (TTY 800-325-0778) or your local office for assistance.

Does Social Security Have a Tax Limit?

Yes. When it comes to Social Security taxes, most workers contribute 6.2% of their earnings, while employers match this amount.

Self-employed individuals contribute 12.4% of their income.

However, it’s important to note that any earnings exceeding $160,200 in 2023 are not subject to Social Security taxes or included in retirement payment calculations.

Understanding this limit can help you plan your finances effectively.

How is Social Security Taxed?

During retirement, your Social Security payments might be subject to federal income tax.

If your adjusted gross income, nontaxable interest, and half of your Social Security benefit surpass $25,000 ($32,000 for couples), you may owe taxes on a portion of your benefits.

If these income sources exceed $34,000 ($44,000 for couples), up to 85% of your Social Security payments could be taxable.

Additionally, some states also impose taxes on Social Security benefits, so it’s important to be aware of the potential tax implications.

What is the Average Social Security Benefit?

The average monthly Social Security payment to retired workers was $1,831 in February 2023.

Spousal payments typically amount to approximately half of the average worker’s benefit, totaling around $899.

In the unfortunate event of a spouse’s death, widows and widowers may be eligible for survivor benefits, receiving 100% of the deceased worker’s benefit if they are of full retirement age or older.

Who gets the Maximum Social Security Benefit?

The maximum Social Security benefit you can receive depends on the age at which you retire.

In 2023, a worker who retires at full retirement age could be eligible for a maximum monthly benefit of $3,627.

However, this amount decreases if you begin collecting benefits before reaching full retirement age.

Conversely, if you delay retirement until age 70, you can receive a higher monthly benefit.

Direct Express Deposit Dates for July Summary

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