Social Security update: Direct payment worth up to $4,555 goes out to millions in 20 days

The first round of June’s three Social Security payments, worth up to $4,555, will go out to retirees on June 14, according to the Social Security Administration.

The payment will be sent to people born between the 1st and the 10th of a month. These SSA payments are always sent out on the second, third, and fourth Wednesdays of the month, according to the SSA’s schedule.

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This payment will be the first of three payments from the SSA, with the other payments being issued later in June. The second payment is set to go out on June 21 and will be for recipients born between the 11th and 20th of a month, while the final payment will be issued on June 28 and will be for recipients born between the 21st and 31st of a month.

The amount of money each recipient gets varies depending on his or her age at retirement. Recipients who retire at 62 get up to $2,572, those who retire at 67 receive a maximum check of $3,627, and those who delay retirement until age 70 can get the highest payment of $4,555 per month, according to the SSA.

The current age of retirement in the United States is 67, but some lawmakers have proposed raising the age of retirement to 70.

Recipients could see a decrease in their payments if Congress does not figure out how the program will be funded in the future. Discussions on the future of Social Security have occurred in Congress for years, but experts have warned that the program could be insolvent in 10 years if nothing is done.

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Beneficiaries could also see a delay or decrease in payments next month if the United States defaults on its loans in June.

Social Security recipients could see a cost-of-living adjustment of just 3.1% next year, which would be a significant dip from the 8.7% they received for 2023. The annual COLA is based on the consumer price index for urban wage earners and clerical workers.