Social Security update: First round of July payments worth $4,873 to go out in four days

The first round of July’s Social Security payments, worth up to $4,873 for the highest-income earners who retire at 70, will go out in four days.

Here is everything to know about this month’s Social Security payments.

What is it?

Social Security payments are monthly checks given to retirees to reduce or replace their incomes once they stop working.

The Social Security Administration, which manages the payments, was created with a law signed by President Franklin D. Roosevelt in September 1935.

When does the check arrive?

Social Security payments typically begin on the second Wednesday of every month, and checks are sent out on the following Wednesdays. 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 will receive their payment on July 10. Beneficiaries born between the 11th and 20th of a month will get their checks on July 17, and retirees born on or after the 21st of a month will receive their payments on July 24.

How can I maximize my check?

The age of recipients at the time of retirement, the amount paid into Social Security, and how long they paid into the program all affect the maximum payment someone receives.

Beneficiaries can see a personalized estimate of what they can expect each month through the SSA’s calculator.

Payments largely depend on the age at which recipients choose to retire. Retiring at the minimum eligible age of 62 means recipients will receive roughly $2,710 per month, while delaying to 70 can allot up to $4,873 per month, according to the SSA.

When am I eligible?

The earliest one can begin receiving Social Security payments is 62 years old.

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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 that 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.