Second round of Social Security payments issued in six days – Washington Examiner
The second round of July Social security payments, which can be as high as $5,108 per month for the highest-income retirees who delay retirement untill age 70, will be distributed next week. Social Security payments are typically issued starting on the second Wednesday of each month, with the schedule depending on the recipient’s birthdate. For this month, retirees born between the 11th and 20th will receive their checks on July 16; those born on or before the 10th received payments earlier, and those born on or after the 21st will get theirs on July 23.
Individuals become eligible for social Security benefits beginning at age 62. The amount received depends on factors such as retirement age, lifetime earnings, and years of contributions. Early retirement at 62 pays up to about $2,831 monthly, while delaying until 70 can increase payments up to $5,108 monthly. The SSA provides tools for beneficiaries to estimate their payments.
Social Security is funded by payroll taxes from workers and employers.However, unless Congress intervenes, payment amounts are expected to decrease after 2034 due to demographic and economic challenges. This month, the SSA is also recovering nearly $72 billion in improper payments, reducing benefit payments for those who received excess funds until balances are repaid.
Second round of Social Security payments issued in six days
The second round of July Social Security payments, worth up to $5,108 for the highest-income earners who retire at age 70, will be sent to recipients next week.
When does the check arrive?
Social Security payments usually begin on the second Wednesday of every month, and the following waves go out in the subsequent weeks. The payment distribution depends on which day of the month a retiree was born.
Retirees born between the 11th and 20th will receive their checks on July 16. The first round of this month’s payments went out on Wednesday to beneficiaries born on or before the 10th of a month, while July’s final payment will go out on July 23 to those born on or after the 21st.
When am I eligible?
Citizens are eligible for Social Security payments beginning at 62 years old.
How can I maximize my check?
Retirement age, the amount paid into Social Security, and the number of years paid into Social Security all affect how much beneficiaries receive in the program.
Payments largely depend on a recipient’s retirement age. Retiring at the youngest age, 62, allows up to $2,831 per month, while delaying retirement until 70 can allot up to $5,108 per month, according to the Social Security Administration.
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 as early as 2034, due to a rising number of retirees and a shrinking number of workers.
NINETY DEALS IN 90 DAYS: TRUMP’S TARIFF PAUSE CLOUDS ‘LIBERATION DAY’ ECONOMIC FORECAST
This month, the SSA will recoup almost $72 billion in improper payments, specifically for recipients receiving more Social Security benefits than allotted. Overpayments often happen when a beneficiary does not update a change in their income, or the agency incorrectly calculates benefits.
Those who have received more benefits than allotted can expect their monthly payments to be cut in half by around July 24 until the overpayment is repaid and balanced.
" Conservative News Daily does not always share or support the views and opinions expressed here; they are just those of the writer."
*As an Amazon Associate I earn from qualifying purchases
