The third and final round of April’s Social Security payments, worth up to $5,108 for the highest-income earners who retire at 70, will go out to retirees today.
Social Security payments typically begin on the second Wednesday of every month, and the following waves go out in the subsequent weeks. The distribution of payments depends on which day of the month a retiree was born.
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Retirees born on or after the 21st of a month receive their payments today.
Citizens are eligible for Social Security payments starting at 62 years old. However, retirement age, the amount paid into Social Security, and the number of years paid into Social Security all affect the amount beneficiaries receive from the program.
Payments primarily depend on a recipient’s retirement age. Those retiring at the youngest age, 62, may receive up to $2,831 per month, while delaying retirement until age 70 can allot up to $5,108 per month, according to the Social Security Administration.
Beneficiaries can see a personalized estimate of how much they can expect to receive each month through the SSA’s calculator.
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Social Security is financed by a payroll tax paid by employers and employees.
Social Security payment amounts are set to shrink unless Congress takes action to prevent it. Analysts estimate the SSA will no longer be able to give out full payments to recipients as early as 2034 due to a rising number of retirees and a shrinking number of workers.