Social Security update: First round of August payments worth $4,873 to go out in 9 days – Washington Examiner
The query appears to contain HTML tags and a request for a summary related to Social Security. Based on the context of Social Security and the summary of the payment information, here’s a comprehensive reply:
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**Summary of Social Security Updates: August Payments and Key Facts**
Social Security payments are a crucial form of income for millions of retirees in the United States. As of August 2024, the first round of Social Security payments is set to distribute benefits that can reach as high as $4,873 for highest earners who retire at age 70. The benefits received are influenced by the age at which an individual retires, the total number of years they contributed to the Social Security system, and their overall earnings history.
For example, individuals who choose to retire as early as age 62, which is the minimum age to begin receiving benefits, will see a maximum monthly benefit of around $2,710. These payment amounts highlight the importance of both the timing of retirement and the earnings history in determining benefits.
Additionally, it is essential for beneficiaries to remain informed about adjustments to their benefits. In 2024, Social Security and Supplemental Security Income (SSI) benefits are set to increase by 3.2% due to a cost-of-living adjustment, reflecting ongoing efforts to maintain beneficiaries’ purchasing power in light of inflation.
For those interested, personalized estimates of potential benefits can be accessed through the Social Security Administration’s (SSA) resources, allowing beneficiaries to plan their finances effectively as they approach retirement.
For more detailed information, including specific eligibility criteria and payment schedules, the following resources can be consulted:
1. **[Cost-of-Living Adjustment (COLA) Information for 2024](https://www.ssa.gov/cola/)**
2. **[Social Security Payment Schedules](https://www.ssa.gov/pubs/EN-05-10031-2024.pdf)**
3. **[Top Ten Facts about Social Security](https://www.cbpp.org/research/social-security/top-ten-facts-about-social-security)**
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This summary encapsulates the recent updates on Social Security payments, including key facts about benefits based on retirement age, earnings history, and the anticipated cost-of-living adjustments.
Social Security update: First round of August payments worth $4,873 to go out in 9 days
Millions of retirees can expect to see their August Social Security payments, worth up to $4,873, in just nine days.
The amount of Social Security benefits retirees receive depends on the age at which they retire, the number of years they paid into the system, and the amount of money they paid to Social Security. Highest-income earners who retired at age 70 can expect to receive a maximum of $4,873 each month. Those who retired at age 62, the earliest age at which one can begin to collect benefits, at most, can collect $2,710 each month.
Beneficiaries can see a personalized estimate of how much they can expect each month through the Social Security Administration’s calculator.
Retirees will receive their Social Security check depending on when their birthday falls. The first round of checks will go out to people born between the 1st and 10th of the month on the second Wednesday of the month, which falls on Aug. 14. Retirees born between the 11th and 20th of a month will receive their checks on Aug. 21, and retirees born on or after the 21st of a month will receive their payments on Aug. 28.
The federal government has provided Social Security benefits to retirees since 1935, when former President Franklin D. Roosevelt signed it into law. It is financed by a payroll tax paid by both employers and employees. However, 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. It is up to Congress to make changes to ensure recipients don’t see a dip in payments.
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