There are three days until millions of retirees receive their first August Social Security check, worth up to $4,555 for people who delayed their retirement until their 70s.
The first wave of three August payments will go out on Wednesday, Aug. 9, to people born between the 1st and 10th of a month.
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A second wave of payments will be sent a week later on Aug. 16 for those born between the 11th and 20th of the month, and the final payment will be released on Aug. 23 for those born after the 21st of a month.
Retirees who live outside of the United States, retirees who receive both Supplemental Security Income and Social Security benefits, and people who retired before 1997 should have received their payments on Thursday, Aug. 3. Supplemental Security Income checks are released on the first of every month, but they are separate from regular retirement payments.
The maximum payments for each beneficiary depend on some key factors. Those factors include the age they retire, how long they have paid into the federal program, and how much money they pay into Social Security during those working years.
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Recipients who retire at the youngest retirement age of 62 get the lowest possible monthly installment, which is up to $2,572. People who retire at 67, considered the full retirement age, receive a maximum benefit of $3,627. Those who delay retirement until 70, the oldest age of retirement, get the highest maximum payment of up to $4,555 per month, according to the Social Security Administration.
The future of Social Security, including the amount people will receive and how those disbursements will work, is still uncertain. But experts have warned that future recipients could see a decrease in their payments starting in 2034 if Congress does not settle on funding for the program before the Social Security trust runs out. Those currently on Social Security would not be affected by the changes.
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August 06, 2023 at 05:00PM
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Social Security update: Direct payment worth up to $4555 goes out to millions in three days - Washington Examiner
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