According to the Social Security Administration’s schedule, millions of retirees nationwide will get the second of three June Social Security retirement payments, valued up to $4,555, in five days.
The recipients of the second wave of payments, who were born between June 11 and June 20, will get them on June 21, the third Wednesday of the month.
Amounts for Social Security Beneficiaries Based on Retirement Age
The second, third, and fourth Wednesdays of each month are when the payments are made.
The last wave will be distributed to people born after July 21 on June 28, which is the fourth and last Wednesday of the month.
For individuals born between the first and tenth of a month, the first set of payments was paid on June 14, the second Wednesday of the month.
Depending on their age at retirement and other criteria, each beneficiary receives a different amount of money.
A maximum payout of $3,627 is available to recipients who retire at 67 as opposed to those who retire at 62, who can receive monthly installments of up to $2,572.
According to the SSA, those who put off retiring until age 70 receive the highest amount of $4,555 per month.
Read more: Securing Social Security For Elders: Identifying And Preventing Abuse By Financial Scammers In 2023
Funding Disagreements In Congress May Lead to Reduced Payouts
Every year, Social Security recipients get a cost-of-living adjustment based on the CPI for urban wage earners and clerical workers from the prior year.
However, with an increase of just 2.7% the next year, that gain may be significantly lower than that of 2023. Retirees experienced an 8.7% gain in 2023.
If Congress cannot agree on funding for the program, recipients may also see a reduction in future payouts.
Congress has been debating Social Security’s future for years, and experts have cautioned that if nothing is done, the program might run out of money in 10 years.
Read more: Why More Individuals Are Losing A Portion Of Their Social Security Benefits To Taxes