Third round of July Social Security payments to go out in five days
The third and final round of Social Security payments for July will be distributed in five days, with the highest earners retiring at age 70 receiving up to $5,108.Social Security payments typically begin on the second Wednesday of each month, with subsequent payments sent weekly based on the retiree’s birth date. For July, retirees born after the 21st will receive their payment in this last wave, following earlier payments on July 9 and July 16 for those born earlier in the month.
Eligibility for Social Security starts at age 62, and the amount received depends on factors such as the retiree’s age at retirement, how much and how long thay contributed. Such as,retiring at 62 can yield up to $2,831 per month,while waiting until 70 can increase the benefit to $5,108 monthly. Individuals can use the Social Security Administration’s online calculator to get personalized payment estimates.
Social Security is funded through payroll taxes from employers and employees.However, unless legislative action is taken, the program is expected to face reduced payments starting around 2034 due to demographic shifts. Recently, the SSA has begun recouping about $72 billion in improper payments from beneficiaries who received more than they were entitled to, which may result in temporary halving of monthly payments until the overpaid amounts are repaid.
Third round of July Social Security payments to go out in five days
The final round of July Social Security payments, worth up to $5,108 for the highest-income earners who retire at age 70, will be sent out next week.
When does the check arrive?
Social Security payments usually begin on the second Wednesday of every month, with subsequent waves following weekly. The distribution of payments depends on which day of the month a retiree was born.
Retirees born after the 21st will receive this final payment.
The first round of this month’s payments went out on July 9 to beneficiaries born on or before the 10th of a month, while the second payment went out on July 16 to those born between the 11th and the 20th.
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 from 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.
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The SSA started recouping almost $72 billion in improper payments this month, specifically from 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.
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