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 just over a week.
The first wave of payments will go out in eight days, on Wednesday, Aug. 9, to people born between the 1st and 10th of the month. The second wave will be dispersed on Aug. 16 for those born between the 11th and 20th of the month, and the final payment will be sent out on Aug. 23 to those born after the 21st. Recipients get one payment each month.
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 how the payments work and the amount individuals will receive, is still uncertain. But experts have warned that 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. Those on Social Security now would not be affected by the changes.
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