Social Security update: Second round of May payments worth $4,873 go out in two days
The second of May’s three Social Security payments, worth up to $4,873 for the highest income earners who retire at 70, will go out to the next group of retirees in two days.
Here is everything to know about this month’s Social Security payments.
What is it?
Social Security retirement payments are monthly checks given to retirees, meant to reduce or replace their income once they stop working. The Social Security Administration, which manages the payments, was created with a law signed by President Franklin D. Roosevelt in September 1935.
When does the check arrive?
Social Security payments typically begin on the second Wednesday of every month, and the following waves go out in the subsequent weeks. The distribution of payments depends on the day of the month that one was born.
Retirees born between the first and 10th of a month received their payment on May 8. Beneficiaries born between the 11th and 20th of a month will get their checks on Wednesday, and retirees born on or after the 21st of a month will receive their payments on May 22.
SOCIAL SECURITY: WHAT YOU NEED TO KNOW AND HOW LONG IT WILL LAST
How can I maximize my check?
The age of recipients at the time of retirement, the amount paid into Social Security, and the number of years paid into Social Security all affect the maximum payment retirees receive.
Beneficiaries can see a personalized estimate of what they can expect each month through the Social Security Administration’s calculator.
Payments largely depend on the age at which recipients choose to retire. Retiring at the youngest age, 62, allows up to $2,710 per month, while delaying to 70 can allot up to $4,873 per month, according to the SSA.
When am I eligible?
The earliest one can begin receiving Social Security payments is at age 62.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
How is it financed?
Social Security is financed through a payroll tax paid by employers and employees.
Social Security payment amounts are set to shrink unless Congress takes some action to prevent it. Analysts estimate that the SSA will no longer be able to give out full payments to recipients as early as 2034 due to a rising number of retirees and a shrinking number of workers.
