The third round of August Social Security payments for retirees age 70 and up, now capped at $5,108, is due in six 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 on or after the 21st of the month will receive their third payment round on August 27.
The first round of payments went out on August 13 to retirees born between the 1st and 10th, and the second round was distributed on August 20 to those born between the 11th and 20th.
When am I eligible?
Citizens become eligible for Social Security payments when they reach the age of 62.
How can I maximize my check?
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, a person retiring at the youngest age, 62, could receive up to $2,831 per month, while a retiree aged 70 could receive up to $5,108 per month.
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 shrinking workforce.
