Overview

• On July 16, the SSA will issue the second wave of July benefits to recipients born between the 11th and 20th, following the July 9 and preceding the July 23 disbursements
• Starting around July 24, affected beneficiaries will see their monthly payments cut in half until their overpayments are fully repaid
• More than 70 million Americans depend on monthly retirement, disability and survivor benefits that average just over $2,000 and can reach $5,108 for those claiming at age 70
• Funded by payroll taxes, the Social Security Trust Fund faces a projected shortfall by 2034 unless Congress acts to shore up financing
• Earlier this year, the SSA tightened fraud controls, enhanced identity verification and published its payment calendar through December to streamline distributions