Second round of Social Security payments go out in three days
The second round of July Social security payments will be distributed this Wednesday, with amounts reaching up to $5,108 per month for those retiring at age 70 with the highest earnings. Payments typically begin on the second wednesday of each month and are staggered based on the recipient’s birth date. For July, retirees born between the 11th and 20th will receive checks on July 16. Eligibility for Social Security starts at age 62, and the payment amount depends on factors such as retirement age, earnings, and years of contribution. Retiring later increases monthly benefits significantly. Social Security is funded by payroll taxes from employers and employees. Though, without congressional intervention, full payments may decrease by 2034 due to demographic changes. The social Security Administration will also be recovering nearly $72 billion this month from recipients who were overpaid, with those individuals facing reduced payments until overpayments are repaid.
Second round of Social Security payments go out in three 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 this 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 of a month 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 of a month.
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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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.
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