Second round of Social Security payments issued in four days – Washington Examiner
The second round of July Social Security payments will be issued on July 16, with checks amounting to up to $5,108 per month for the highest-income earners who retire at age 70. Social Security payments are generally distributed in waves throughout the month based on the retireeS birth date, starting from the second Wednesday. Eligibility for benefits begins at age 62, and the payment amount depends on factors including retirement age, total contributions, and years paid into the system. Retiring earlier results in lower monthly payments, while delaying retirement until age 70 maximizes benefits. Social Security is funded through payroll taxes from employers and employees. Though, analysts warn that without Congressional intervention, the program may face funding shortfalls as early as 2034. Additionally, the social Security Administration plans to recover nearly $72 billion this month in overpayments, which may lead to reduced monthly payments for affected recipients until the debt is settled.
Second round of Social Security payments issued in four days
The second round of July Social Security payments, worth up to $5,108 for the highest-income earners who retire at age 70, goes out to recipients on Wednesday.
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 distribution of payments is dependent 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?
United States citizens are eligible for Social Security payments beginning at age 62.
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.
CELLPHONE RESTRICTIONS, INTERNET SAFETY IN NEW NORTH CAROLINA LAW
The SSA will recoup almost $72 billion in improper payments this month, specifically for recipients who have received 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
