The first round of July’s Social Security payments, worth up to $5,108 for the highest-income earners who retire at age 70, will be distributed in five days.
Social Security payments typically begin on the second Wednesday of every month, and the following waves go out in the subsequent weeks. The distribution of payments depends on which day of the month a retiree was born.
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Retirees born on or before the 10th of a month will receive their payments on July 9. Beneficiaries born between the 11th and 20th of a month will receive their checks on July 16, and those born on or after the 21st of a month will receive their benefits on July 23.
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 in the program.
Payments largely depend on a recipient’s retirement age. According to the Social Security Administration, retiring at the youngest age, 62, allows up to $2,831 per month, while delaying retirement until age 70 can allot up to $5,108 per month.
Beneficiaries can see a personalized estimate of how much they can expect each month through the SSA’s calculator.
How is it financed?
Social Security is financed by a payroll tax paid by employers and employees. Unless Congress takes action to prevent it, Social Security payment amounts will shrink.
Analysts estimate the SSA will no longer be able to give out full payments to recipients as early as 2034 due to a rising number of retirees and a shrinking number of workers.
SOCIAL SECURITY: WHAT YOU NEED TO KNOW AND HOW LONG IT WILL LAST
Will my payment be cut this month?
This month, the SSA will begin to recoup almost $72 billion in improper payments, specifically, from recipients who have received more Social Security benefits than needed. Overpayments often happen when a beneficiary does not update a change in their income, or the agency incorrectly calculates benefits.
Those who have received more benefits than necessary can expect their monthly payments to be cut in half by around July 24 until the overpayment is repaid.