First round of Social Security payments goes out today – Washington Examiner
The first round of July Social Security payments is being distributed starting Wednesday, with amounts reaching up to $5,108 per month for high-income earners who retire at age 70. Payments are typically issued on the second Wednesday of each month and are scheduled based on the beneficiary’s birth date: those born on or before the 10th receive payments on the first date,those born between the 11th and 20th get payments on the 16th,and those born on or after the 21st receive them on the 23rd. Eligibility for social Security benefits begins at age 62. The amount received depends on several factors including the age at retirement, the total amount paid into the system, and the length of contribution. Retiring later can substantially increase monthly benefits. Social Security is funded through payroll taxes from employers and employees. Though, without legislative changes, the programme is projected to face funding challenges by 2034, potentially leading to reduced payments. Additionally, the Social Security Administration plans to recover nearly $72 billion in improper payments, which will result in temporary reductions of benefits for recipients who have been overpaid.
First round of Social Security payments goes out today
The first 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 typically 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 on or before the 10th of a month will receive their payments on Wednesday. Beneficiaries born between the 11th and 20th 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 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.
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