The first round of August Social Security payments, worth up to $5,108 for the highest-income earners who retire at age 70, goes out in 19 days.
Social Security payments usually begin on the second Wednesday of every month, and the following waves go out on a weekly basis. The distribution of payments depends on which day of the month a retiree was born.
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Retirees born between the 1st and 10th of a month will receive the first round payment on Aug. 13.
The second round of payments will be sent on Aug. 20 to beneficiaries born between the 11th and 20th, and the third payment will be distributed on Aug. 27 to those born on or after the 21st.
When am I eligible?
Citizens are eligible for Social Security payments beginning at 62 years old.
How can I maximize my check?
Retirement age, the amount paid into Social Security, and the number of years paid into Social Security all affect how much beneficiaries receive from the program.
Payments primarily depend on a recipient’s retirement age. Retiring at the youngest age, 62, allows up to $2,831 per month, while delaying retirement until 70 can allot up to $5,108 per month, according to the Social Security Administration.
Beneficiaries can see a personalized estimate of how much they can expect each month through the SSA’s calculator.
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How is it financed?
Social Security is financed by a payroll tax paid by employers and employees.
Social Security payment amounts are set to shrink unless Congress takes action to prevent it. Analysts estimate the SSA will no longer be able to give out full payments as early as 2034, due to a rising number of retirees and a shrinking number of workers.