The second round of August Social Security payments for retirees age 70 and up, which are now capped at $5,108, will be distributed in two days.
When will checks arrive?
Social Security payments are scheduled to begin on the second Wednesday of each month and will be made in waves weekly. The payment date is determined by the day of the month in which the retiree was born.
Retirees born between the 11th and 20th of each month will receive this payment round on August 20.
The first round of payments went out on August 13 to retirees born between the first and tenth of the month, and the final round will be distributed on August 27 to those born on or after the twenty-first of the month.
When am I eligible?
Citizens become eligible for Social Security payments when they reach the age of 62.
How do I get the most out of my paycheck?
Social Security payment amounts are determined by a number of factors, including retirement age, Social Security contribution amount, and number of years paid in.
Payments are largely based on a recipient’s retirement age. According to the Social Security Administration, retirees who are 62 years old or younger can receive up to $2,831 per month, while those who are 70 years old can receive up to $5,108.
The SSA’s calculator provides beneficiaries with a personalized estimate of how much they can expect to receive each month.
How is it financed?
Social Security is funded by a payroll tax paid by both employers and employees.
Social Security payments are set to decrease unless Congress takes action to prevent it. Analysts predict that the SSA will no longer be able to make full payments as early as 2034, due to an increasing number of retirees and a decreasing number of workers.
