{"id":2316472,"date":"2024-07-31T06:38:02","date_gmt":"2024-07-31T10:38:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/social-security-update-first-round-of-august-payments-worth-4873-to-go-out-in-14-days-washington-examiner\/"},"modified":"2024-07-31T06:40:28","modified_gmt":"2024-07-31T10:40:28","slug":"social-security-update-first-round-of-august-payments-worth-4873-to-go-out-in-14-days-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/social-security-update-first-round-of-august-payments-worth-4873-to-go-out-in-14-days-washington-examiner\/","title":{"rendered":"Social Security update: First round of August payments worth $4,873 to go out in 14 days &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">38<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsocial-security-update-first-round-of-august-payments-worth-4873-to-go-out-in-14-days-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2316472&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The article highlights the upcoming Social Security payments in August, which will distribute\u2062 checks \u200bworth\u2062 up to $4,873\u2062 to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/social-security-update-first-round-of-aprils-payments-worth-4873-goes-out-in-five-days\/\" title=\"Get ready for the upcoming April payment: The first round totaling ,873 will be sent out in just five days\">high-income retirees<\/a> who wait until the \u2063age of 70 to retire. The payments are scheduled to be sent out over a series of \u2064dates based on retirees&#8217;\u200c birth \u2062dates: those born\u200c from the 1st to \u2063the 10th of the month \u2063will receive their payments on August 14,\u2062 those born between\u2064 the 11th and 20th on \u2062August \u206321, and retirees born on or \u200dafter the 21st will\u200b receive theirs on August 28. It also provides background information on the Social Security program, established in 1935, which aims to provide income to retirees. Eligibility \u200bfor Social Security starts \u200cat age \u200c62, and the article suggests ways \u2062to maximize the benefits received.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Social Security update: First round of August payments worth $4,873 to go out in 14 days<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1648199\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>The first round of August&rsquo;s&nbsp;<a href=\"https:\/\/www.washingtonexaminer.com\/tag\/social-security\" target=\"_blank\" rel=\"noreferrer noopener\">Social Security<\/a>&nbsp;payments, worth up to $4,873 for&nbsp;<a href=\"https:\/\/www.washingtonexaminer.com\/tag\/money\" target=\"_blank\" rel=\"noreferrer noopener\">the highest-income earners<\/a>&nbsp;who retire at age 70, will go out to the first group of&nbsp;<a href=\"https:\/\/www.washingtonexaminer.com\/tag\/retirement\" target=\"_blank\" rel=\"noreferrer noopener\">retirees<\/a>&nbsp;in two weeks.<\/p>\n<p>Here is everything to know about this month&rsquo;s Social Security payments.<\/p>\n<h2 class=\"wp-block-heading\">What is it?<\/h2>\n<p>President Franklin D. Roosevelt signed the Social Security Act into law in 1935, creating the Social Security Administration to manage it. The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/social-security-update-first-round-of-august-payments-worth-4873-to-go-out-in-18-days-washington-examiner\/\" title=\"Social Security update: First round of August payments worth ,873 to go out in 18 days - Washington Examiner\">agency sends monthly checks<\/a> to retirees, meant to reduce or replace their incomes once they stop working.<\/p>\n<h2 class=\"wp-block-heading\">When am I eligible?<\/h2>\n<p>Citizens are eligible for Social Security payments starting at 62 years old.<\/p>\n<h2 class=\"wp-block-heading\">When does the check arrive?<\/h2>\n<p>Social Security payments typically&nbsp;<a href=\"https:\/\/www.ssa.gov\/pubs\/EN-05-10031-2024.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">begin<\/a>&nbsp;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.<\/p>\n<p>Retirees born between the 1st and 10th of a month received their payments on Aug. 14. Beneficiaries born between the 11th and 20th of a month received their checks on Aug. 21, and retirees born on or after the 21st of a month will receive their payments on Wednesday, Aug. 28.<\/p>\n<h2 class=\"wp-block-heading\">How can I maximize my check?<\/h2>\n<p>The amount received by recipients depends on when they retire, the amount paid into Social Security, and the number of years paid into Social Security.<\/p>\n<p>Payments largely depend on&nbsp;recipients&rsquo; retirement age. According to the SSA, retiring at the youngest age, 62, allows up to $2,710 per month, while delaying retirement until age 70 can allot up to $4,873 per month.<\/p>\n<p>Beneficiaries can see a personalized estimate of how much they can expect each month&nbsp;<a href=\"https:\/\/www.ssa.gov\/benefits\/retirement\/planner\/AnypiaApplet.html\" target=\"_blank\" rel=\"noreferrer noopener\">through<\/a>&nbsp;the SSA&rsquo;s calculator.<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><\/strong><\/a><\/p>\n<h2 class=\"wp-block-heading\">How is it financed?<\/h2>\n<p>Social Security is financed by a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oregon-task-force-aiming-to-roll-out-universal-healthcare-plan-in-2026\/\" title=\"Oregon Task Force Aiming to Roll Out Universal Healthcare Plan In 2026\">payroll tax paid<\/a> by employers and employees.<\/p>\n<p>Social Security payment amounts are set to shrink unless Congress takes action to prevent it. Analysts&nbsp;<a href=\"https:\/\/www.crfb.org\/projects\/trust-fund-solutions\" target=\"_blank\" rel=\"noreferrer noopener\">estimate<\/a>&nbsp;the SSA will no longer be able to give out full payments to recipients as early as 2034 due to a rising number of retirees and a shrinking number of workers.<\/p>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1648199\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1648199\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Social Security Update: Initial August Payments of Up to $4,873 Set to Be Distributed in 14 Days <\/p>\n<p>The first batch of Social Security payments for August, which can reach as high as $4,873 for top earners retiring at age 70, will be issued to the initial group of retirees in two weeks. Here\u2019s what you need to know about this month\u2019s Social Security disbursements.<\/p>\n<p>What is it?<br \/>\nThe Social Security Act was enacted by President Franklin D. Roosevelt in 1935, establishing the Social Security Administration (SSA) to oversee it. The SSA provides monthly payments to retirees aimed at supplementing or replacing their income after they stop working.<\/p>\n<p>Who is eligible?<br \/>\nIndividuals can start receiving Social Security benefits at age 62.<\/p>\n<p>When will checks be sent out?<br \/>\nPayments are generally distributed on the second Wednesday of each month, with additional distributions occurring in subsequent weeks based on the retiree&#8217;s birth date. Those born between the 1st and 10th receive their payments on August 14; those born between the 11th and 20th get theirs on August 21; and retirees born on or after the 21st will see their payments arrive on Wednesday, August 28.<\/p>\n<p>How can I increase my payment amount?<br \/>\nThe payment amount varies based on retirement timing, contributions made into Social Security, and years of contribution. According to SSA guidelines, retiring at age 62 allows for a maximum monthly benefit of $2,710 while waiting until age 70 could yield up to $4,873 per month. Beneficiaries can use SSA&#8217;s calculator for a personalized estimate of their expected monthly benefits.<\/p>\n<p>How is it funded?<br \/>\nSocial Security funding comes from payroll taxes paid by both employers and employees. Without Congressional intervention, payment amounts may decrease due to an increasing number of retirees coupled with a declining workforce. Analysts predict that full benefit payouts could become unsustainable as early as 2034<\/p>\n","protected":false},"author":2653,"featured_media":2316473,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/07\/Social_security_policy_1.webp","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[36436,36435,33104],"class_list":["post-2316472","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-august-payments","tag-financial-news","tag-social-security"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/07\/Social_security_policy_1.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2316472","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2653"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2316472"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2316472\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2316473"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2316472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2316472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2316472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}