The final round of June's three Social Security retirement payments, worth up to $4,555, will be disbursed on Wednesday, according to the Social Security Administration's schedule.
The payment, which will be sent out to millions of retirees tomorrow, is for recipients born after the 21st of the month, and will go out on the fourth Wednesday of June. The monthly payments are disbursed on the second, third, and fourth Wednesdays of each month.
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The initial wave of payments was sent on June 14, to recipients born between the first and 10th of a month. The second was disbursed last week, for those born between the 11th and 20th of the month.
The maximum amount of money each beneficiary receives differs depending on his or her age at retirement. 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 maximum payment of up to $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.
Recipients could see a decrease in their payments in the future if Congress does not settle on funding for the program before the Social Security trust runs out. Money in the program's trust is expected to run out by 2033.
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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.
The current age of retirement in the United States is 67, however, a recent proposal by House Republicans has suggested slowly raising the full age of retirement to 69 by 2033. But those looking to retire in the near future could retire at 62, or they can wait as late as 70.