Second round of Social Security payments issued tomorrow
The second round of July Social Security payments, which can be as much as $5,108 per month for those retiring at age 70 with the highest income, will be issued tomorrow. Payments are generally distributed starting on the second Wednesday of each month, staggered based on the retiree’s birthday. This month, the first payments went out on july 9 for those born on or before the 10th, the second round is for those born between the 11th and 20th, and the final payments will be sent on July 23 for those born on or after the 21st.
Eligibility for Social security payments begins at age 62, and the amount received depends on factors such as retirement age, the total amount paid into the system, and years of contributions.Retiring earlier results in lower monthly benefits (up to $2,831), while delaying retirement until age 70 maximizes payments (up to $5,108 per month). Beneficiaries can estimate their expected benefits using the social Security Governance’s online calculator.
Social Security is funded through payroll taxes paid by employers and employees. However, the program faces financial challenges, and full benefit payments may not be lasting after 2034 unless Congress intervenes. Recently, the SSA began recovering $72 billion in improper payments-benefits overpaid to recipients-by cutting monthly payments by half for those affected until overpayments are repaid.
Second round of Social Security payments issued tomorrow
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 tomorrow.
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 depends on which day of the month a retiree was born.
Retirees born between the 11th and 20th will receive their checks 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 final payment will go out on July 23 to those born on or after the 21st.
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 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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