Social Security Sends July 15 Checks to Millions as 2032 Shortfall Threatens 28% Benefit Cut
Updated
Updated · USA TODAY · Jul 13
Social Security Sends July 15 Checks to Millions as 2032 Shortfall Threatens 28% Benefit Cut
3 articles · Updated · USA TODAY · Jul 13
Summary
July 15 is the next Social Security payday for recipients born between the 2nd and 11th of any month, with monthly benefits going out to millions of retirees and other beneficiaries.
Most recipients are paid on Wednesdays based on birth date: the second Wednesday for birthdays from the 1st to 10th, the third Wednesday for the 11th to 20th, and the fourth Wednesday after the 20th.
Pre-May 1997 beneficiaries generally receive checks on the 3rd of the month, while people getting both Social Security and SSI usually receive SSI on the 1st and Social Security on the 3rd.
The payment round lands as lawmakers weigh fixes for Social Security's finances; some projections show the retirement trust fund depleted by 2032, which could trigger a 28% benefit reduction without congressional action.
One proposal drawing attention would cap annual Social Security benefits at $100,000 to help shore up the trust fund, underscoring the widening debate over how to preserve the program.