The new Social Security payments for retirees age 70 and up, which are now capped at $5,108, will be distributed within 12 days.
When will my 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 first and tenth of the month will receive their first round of payments on August 13.
The second round of payments will be made on August 20 to retirees born between the 11th and 20th, and the third round on August 27 to those born on or after the 21st 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, a retiree retiring at the youngest age of 62 can receive up to $2,831 per month, while a retiree at the oldest age of 70 can 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.
