Social Security update: First round of August payments worth $4,873 to go out in 14 days – Washington Examiner
The article highlights the upcoming Social Security payments in August, which will distribute checks worth up to $4,873 to high-income retirees who wait until the age of 70 to retire. The payments are scheduled to be sent out over a series of dates based on retirees’ birth dates: those born from the 1st to the 10th of the month will receive their payments on August 14, those born between the 11th and 20th on August 21, and retirees born on or after the 21st will receive theirs on August 28. It also provides background information on the Social Security program, established in 1935, which aims to provide income to retirees. Eligibility for Social Security starts at age 62, and the article suggests ways to maximize the benefits received.
Social Security update: First round of August payments worth $4,873 to go out in 14 days
The first round of August’s Social Security payments, worth up to $4,873 for the highest-income earners who retire at age 70, will go out to the first group of retirees in two weeks.
Here is everything to know about this month’s Social Security payments.
What is it?
President Franklin D. Roosevelt signed the Social Security Act into law in 1935, creating the Social Security Administration to manage it. The agency sends monthly checks to retirees, meant to reduce or replace their incomes once they stop working.
When am I eligible?
Citizens are eligible for Social Security payments starting at 62 years old.
When does the check arrive?
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.
Retirees born between the 1st and 10th of a month received their payments on Aug. 14. Beneficiaries born between the 11th and 20th of a month received their checks on Aug. 21, and retirees born on or after the 21st of a month will receive their payments on Wednesday, Aug. 28.
How can I maximize my check?
The amount received by recipients depends on when they retire, the amount paid into Social Security, and the number of years paid into Social Security.
Payments largely depend on recipients’ retirement age. According to the SSA, retiring at the youngest age, 62, allows up to $2,710 per month, while delaying retirement until age 70 can allot up to $4,873 per month.
Beneficiaries can see a personalized estimate of how much they can expect each month through the SSA’s calculator.
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 to recipients as early as 2034 due to a rising number of retirees and a shrinking number of workers.
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