The third round of September’s Social Security payments, now capped at $5,108, will be issued in five days.
Retirees born on or after the 21st of a month will receive payments on Sept. 24.
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The first round of payments was issued on Sept. 10 for retirees born between the first and 10th of a month, and the second round will be distributed on Sept. 17 to those born between the 11th and 20th of a month.
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 beneficiary retiring at the youngest age, 62, could receive up to $2,831 per month, while a 70-year-old retiree could receive up to $5,108 per month, according to the Social Security Administration.
Beneficiaries can see a personalized estimate of how much they could 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 issue full payments as early as 2034 due to a rising number of retirees and a shrinking number of workers.