The first of June’s three Social Security payments, amounting to as much as $4,873 for high-income earners retiring at 70, will be distributed to the next group of retirees in six days.
Here is everything you need to know about this month’s Social Security payments.
What is it?
Social Security retirement payments are monthly checks provided to retirees to supplement or replace their income once they stop working. The Social Security Administration, which oversees these payments, was established through a law signed by former President Franklin D. Roosevelt in September 1935.
When does the check arrive?
Social Security payments generally begin on the second Wednesday of each month, followed by subsequent waves in the following weeks. The distribution dates are determined by the beneficiary’s birth date.
Retirees born between the 1st and 10th of a month received their payment on June 12. Those born between the 11th and 20th will receive their checks on June 18, and retirees born on or after the 21st will get their payments on June 26. The June 18 payment is unique this year as it does not fall on a Wednesday due to June 19 being a federal holiday.
How can I maximize my check?
The maximum payment retirees can receive is influenced by their retirement age, the amount they’ve contributed to Social Security, and the duration of their contributions.
Beneficiaries can obtain a personalized estimate of their monthly payments through the SSA’s calculator.
Payments are largely determined by the age at which recipients retire. Retiring at the earliest age of 62 yields up to $2,710 per month, while delaying until age 70 can result in up to $4,873 per month, according to the SSA.
When am I eligible?
The earliest age to begin receiving Social Security payments is 62.
How is it financed?
Social Security is funded by payroll taxes paid by both employers and employees.
Without Congressional action, Social Security payment amounts are set to decrease. Analysts estimate that by 2034, the SSA may be unable to distribute full payments to recipients due to an increasing number of retirees and a declining workforce.
