Millions of retirees will receive their first August Social Security check, worth up to $4,555 for people who delay their retirement until they are in their 70s, in less than a week.
The first wave of payments will go out in four days, on Wednesday, Aug. 9, to people born between the first and 10th of the month. Supplemental Security Income checks are different from regular Social Security payments.A second wave of payments will be sent a week later on Aug. 16, for those born between the 11th and 20th of the month, and the final payment will be released on Aug. 23 to those born after the 21st. Recipients just get one payment each month.
Retirees that live outside of the United States, seniors that receive both Supplemental Security Income and Social Security benefits, and those who retired before 1997 get payments on the third of every month, and have already received their payments for August. The maximum payments each beneficiary can receive differs. Some of the factors that affect how much each retiree receives depends on the age they retire, how long they have paid into the program, and how much money they pay into Social Security during those working years.Recipients who retire at the earliest age of 62 get the lowest possible monthly installment, which is up to $2,572. People who retire at 67, considered the full retirement age, receive a maximum benefit of $3,627.
The future of Social Security, including the amount individuals will receive, and how those disbursements will work, is still uncertain. But experts have warned that future recipients could see a decrease in their payments in 2034 if Congress does not settle on funding for the program before the Social Security trust runs out.
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