Retirees will receive a Social Security retirement payment for June today, which is worth up to $4,555, according to the Social Security Administration's schedule.
The payment, which went out on the third Wednesday of the month, is for recipients born between the 11th and 20th of a month. The monthly payments are disbursed on the second, third, and fourth Wednesdays of each month.
BIDEN FACES PROSPECT OF UPS STRIKE WHILE CONSOLIDATING UNION SUPPORT
The final round of payments will go out next week, on June 28, the fourth and final Wednesday of the month, to those born after the 21st. The initial wave of payments was sent on June 14 to recipients born between the first and 10th of a month.
Although there are three different waves of payments, each recipient just receives a single check every 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, those who retire at 67 receive a maximum benefit of $3,627, and people who delay retirement until 70 get the highest payment of a maximum 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.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
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. 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 or late retirement at 62, or they can wait as late as 70.