Millions of retirees nationwide will receive the first of three rounds of Social Security retirement payments, worth up to $4,555, on Wednesday, according to the Social Security Administration's schedule.
The first round of payments will be sent on June 14, the second Wednesday of the month, and they will be for recipients born between the first and 10th of a month. The monthly payments are disbursed on the second, third, and fourth Wednesdays of each month.
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The second round will go to retirees next week, on June 21, and it will be for those born between the 11th and 20th of a month. The final wave will go out on June 28, the fourth and final Wednesday of the month, and it will be for those born after the 21st 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, those who retire at 67 receive a maximum benefit of $3,627, and those who delay retirement until 70 get the highest amount, a maximum of $4,555 per month, according to the SSA.
Recipients could 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, but 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.
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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% increase they received for 2023. The annual cost-of-living adjustment is the yearly raise in the monthly installments, 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. However, people can retire as early as 62 or as late as 70.