First round of Social Security payments goes out in one day – Washington Examiner
The first round of July’s Social Security payments, which can be as high as $5,108 for retirees at the age of 70, is scheduled to be distributed tomorrow. Payments are generally initiated on the second Wednesday of each month,with subsequent distributions based on the recipient’s birth date. Those born on or before the 10th of the month will receive their checks tomorrow, while payments for those born between the 11th and 20th will be issued on july 16, and the last group, those born on the 21st or later, will receive theirs on July 23.
Eligibility for Social Security benefits begins at age 62, with the amount received depending on various factors, including the age of retirement and the length of time contributions were made to the system. Retiring early at age 62 grants up to $2,831 monthly, while retiring at the maximum age of 70 allows for a potential benefit of $5,108 per month.
Social Security is funded through payroll taxes from both employers and employees. However, analysts warn that, without legislative intervention, payments may begin to reduce as soon as 2034 due to a growing retiree population and a decreasing number of active workers. Additionally, this month, the social Security Administration (SSA) will start recovering about $72 billion in overpayments from recipients who received more than they were entitled to, resulting in potential monthly payment cuts for affected beneficiaries untill the overpayments are rectified.
First round of Social Security payments goes out in one day
The first round of July’s Social Security payments, worth up to $5,108 for the highest-income earners who retire at age 70, will go out to recipients tomorrow.
When does the check arrive?
Social Security payments typically 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 on or before the 10th of a month will receive their payments on Wednesday. Beneficiaries born between the 11th and 20th of a month will receive their checks on July 16, and those born on or after the 21st will receive their benefits on July 23.
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.
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This month, the SSA will begin to recoup almost $72 billion in improper payments, specifically, 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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