The first round of July's three Social Security payments, worth up to $4,555, will be sent to millions of retirees in just under a week, according to the Social Security Administration's schedule.
The first payment will go out in six days, on July 12, for recipients born between the first and 10th of a month. The 12th marks the second Wednesday of July, and monthly payments are always disbursed on the second, third, and fourth Wednesdays of each month.
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Each retiree gets one paycheck each month, but the date the beneficiary receives his or her installment depends on the day of the month on which he or she was born. The first checks go to recipients born between the first and 10th of the month, the second to those born between the 11th and 20th of the month, and the third to those born after the 21st.
The maximum amount of money each beneficiary can receive differs depending on age at retirement. Recipients who retire at 62 get monthly installments of up to $2,572. 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.
Not every beneficiary receives the maximum payment, which also depends on the length of time he or she pays into Social Security and the amount of money that is paid into the program during those years.
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 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 also take an early retirement at 62, or they can wait as late as 70 to receive more money.