Third round of Social Security payments issues in three days – Washington Examiner
The article discusses the third round of Social Security payments for July, which are being distributed on a Wednesday to retirees born on or after the 21st of the month. Social Security payments typically begin on the second Wednesday of each month and continue weekly, depending on the beneficiary’s birthdate. Eligibility for Social security payments starts at age 62, with the monthly amount varying based on factors such as retirement age, contributions, and years worked. Retiring at 62 offers a maximum of $2,831 per month, while waiting until age 70 can increase payments up to $5,108 per month. The program is funded by payroll taxes from employers and employees, but future funding challenges are anticipated, with full payments possibly at risk by 2034 unless congressional action is taken. Additionally, the Social Security Administration has begun recouping about $72 billion in improper payments, which may result in reduced benefits until overpayments are repaid.
Third round of Social Security payments issues in three days
The final round of July Social Security payments, worth up to $5,108 for the highest-income earners who retire at age 70, goes out Wednesday.
When does the check arrive?
Social Security payments usually begin on the second Wednesday of every month, and the following waves go out on a weekly basis. The distribution of payments depends on which day of the month a retiree was born.
Retirees born on or after the 21st will receive the third round payment on Wednesday.
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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