The final batch of three June Social Security retirement payments, totaling up to $4,555, will be distributed to millions of retirees countrywide in four days, according to the Social Security Administration’s schedule.
For individuals born after June 21st, the payment, which will be distributed on June 28, will be made on the fourth Wednesday of the month.
Final Round of Social Security Retirement Payments
The payments are made on the second, third, and fourth Wednesdays of each month.
Receivers who were born between the first and tenth of the month received the first batch of payments on June 14.
Those who were born between the 11th and the 20th of the month received the second round of payments on Wednesday.
Depending on the beneficiary’s age at retirement, each beneficiary’s maximum payout varies. The maximum reward for beneficiaries who retire at 67 is $3,627, with monthly installments of up to $2,572 for those who do so at age 62.
According to the SSA, those who put off retiring until age 70 receive the highest amount of $4,555 per month.
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Retire at 70 for the Highest Payment of $4,555 per Month
Based on the consumer price index for urban wage earners and clerical workers from the prior year, Social Security claimants are given a cost-of-living adjustment each year.
Yet, it’s possible that the growth in 2023 will be significantly lower. An increase of just 2.7% is possible in 2024. There was an 8.7% increase of retirees in 2023.
Recipients can potentially face a decrease in future payments if Congress is unable to reach a financing agreement for the program.
Experts have warned that if nothing is done, Social Security may run out of money in 10 years, a topic that Congress has been debating for years.
Recipients can potentially face a decrease in future payments if Congress is unable to reach a financing agreement for the program.
Experts have warned that if nothing is done, Social Security may run out of money in 10 years, a topic that Congress has been debating for years.
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