The third round of August Social Security payments for retirees aged 70 and above, now capped at $5,108, goes out in five days.
Social Security payments are scheduled to begin on the second Wednesday of every month, and continue in waves on a weekly basis. The payment date is determined by the day of the month a retiree was born.
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Retirees born on or after the 21st of a month will receive the third payment round on Aug. 27.
The first round of payments already went out on Aug. 13 to retirees born between the 1st and 10th, and the second round was distributed on Aug. 20 to those born between the 11th and the 20th.
When am I eligible?
Citizens are eligible for Social Security payments beginning at 62 years old.
How can I maximize my check?
Social Security payment amounts are determined by several factors, including age of retirement, the amount paid into Social Security, and the number of years paid into Social Security.
Payments largely depend on a recipient’s retirement age. A retiree retiring at the youngest age, 62, could receive up to $2,831 per month, while a 70-year-old retiree can receive up to $5,108 per month, according to the Social Security Administration.
Beneficiaries can see a personalized estimate of how much they can expect each month through the SSA’s calculator.
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How is it financed?
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 as early as 2034, due to a rising number of retirees and a shrinking number of workers.