Millions of retirees nationwide will receive the second round of three Social Security retirement payments for June, worth up to $4,555, in five days, according to the Social Security Administration's schedule.
The second round of payments will be sent on June 21, the third Wednesday of the month, and it will go to recipients born between the 11th and 20th of their birth month. The monthly payments are disbursed on the second, third, and fourth Wednesdays of each month.
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The final wave will go out a week later, on June 28, the fourth and final Wednesday of the month, and will go to those born after the 21st. The first round of payments was sent on June 14, the second Wednesday of the month, and it was for recipients born between the first and 10th of a month.
The amount of money each beneficiary receives differs depending on his or her age at retirement and other factors. Recipients who retire at 62 get monthly installments of up to $2,572, while those who retire at 67 receive a maximum benefit of $3,627. People who delay retirement until 70 get the highest payment of $4,555 per month, according to the SSA.
Social Security recipients receive a cost-of-living adjustment every year, based on the previous year's consumer price index for urban wage earners and clerical workers. However, that increase could be drastically lower than 2023's, with an increase of just 2.7% next year. In 2023, retirees saw an 8.7% increase.
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Recipients could also see a decrease in their payments in the future if Congress does not settle on funding for the program. Discussions on the future of Social Security have occurred in Congress for years, and experts have warned that the program could be insolvent in 10 years if nothing is done. Money in the program's trust is expected to run out by 2033.
The current age of retirement in the United States is 67, but some lawmakers have proposed raising the age of retirement to 70. Currently, people can retire and receive Social Security as early as 62, or they can wait as late as 70, at which point monthly Social Security benefits reach their maximum.