The second round of August’s Social Security payments for retirees aged 70 and above, now capped at $5,108, goes out in five days.
Social Security payments are scheduled to begin on the second Wednesday of every month and continue in waves on a weekly basis. The payment date is determined by the day a retiree was born.
Recommended Stories
- September Social Security direct payment worth $967 goes out in 14 days
- September Social Security direct payment worth $967 goes out in 15 days
- Second round of August Social Security payments issues in six days
Retirees born between the 11th and 20th of a month will receive the upcoming payment round on Aug. 20.
The first round of payments already went out on Aug. 13 to retirees born between the first and 10th of a month, and the final round will be distributed on Aug. 27 to those born on or after the 21st of a month.
When am I eligible?
Citizens are eligible for Social Security payments beginning at 62 years old.
How can I maximize my check?
Social Security payment amounts are determined by several factors, including age of retirement, the amount paid into Social Security, and the number of years paid into Social Security.
Payments largely depend on a recipient’s retirement age. A retiree retiring at the youngest age, 62, can receive up to $2,831 per month, while a 70-year-old retiree can receive 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.
How is it financed?
TRUMP HONORS 90TH ANNIVERSARY OF SOCIAL SECURITY ACT BY HIGHLIGHTING EFFORTS TO IMPROVE PROGRAM
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.