The first round of June's three Social Security payments, worth up to $4,555, will be disbursed to millions of retirees in less than two weeks, according to the Social Security Administration's schedule.
The payment will be released on June 14, the second Wednesday of the month, and will be sent to people born between the first and 10th of each month. The payments are always sent out on the second, third, and fourth Wednesdays of each month.
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The second distribution will go to retirees one week later, on June 21, and it will go to those born between the 11th and 20th of the month. The final wave will go out on June 28, the final Wednesday of the month. It will go to those born after the 21st of a month.
The amount of money each recipient gets differs, depending on his or her age at retirement. Recipients who retire at 62 get up to $2,572, those who retire at 67 receive a maximum check of $3,627, and those who delay retirement until 70 get the highest payment of $4,555 per month, according to the SSA.
Recipients could see a decrease in their payments if Congress does not figure out how the program will be funded in the future. Discussions on the future of Social Security have occurred in Congress for years, but experts have warned that the program could be insolvent in 10 years if nothing is done.
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Social Security recipients could see a cost-of-living adjustment of just 3.1% next year, which would be a significant dip from the 8.7% they received for 2023. The annual COLA is based on the consumer price index for urban wage earners and clerical workers.
The current age of retirement in the United States is 67, but some lawmakers have proposed raising the age of retirement to 70.