The final round of July Social Security payments, worth up to $5,108 for the highest-income earners who retire at age 70, goes out in four days.<\/p>\n
Social Security payments usually begin on the second Wednesday of every month<\/a>, and the following waves go out on a weekly basis. The distribution of payments depends on which day of the month a retiree was born.<\/p>\n Retirees born after the 21st will receive this final payment.\u00a0<\/p>\n The first round of this month\u2019s payments went out on July 9 to beneficiaries born on or before the 10th of a month, while the second payment went out on July 16 to those born between the 11th and the 20th.<\/p>\n When am I eligible?<\/p>\n Citizens are eligible for Social Security payments beginning at 62 years old.<\/p>\n How can I maximize my check?<\/p>\n Retirement age, the amount paid into Social Security, and the number of years paid into Social Security all affect how much beneficiaries receive from the program.<\/p>\n Payments largely depend<\/a> on a recipient\u2019s retirement age. Retiring at the youngest age, 62, allows up to $2,831 per month<\/a>, while delaying retirement until 70 can allot up to $5,108 per month, according to the Social Security Administration.<\/p>\n Beneficiaries can see a personalized estimate of how much they can expect each month through<\/a> the SSA\u2019s calculator.<\/p>\n How is it financed?<\/p>\n Social Security is financed by a payroll tax paid by employers and employees.<\/p>\n Social Security payment amounts are set to shrink unless Congress takes action to prevent it. Analysts estimate<\/a> the SSA will no longer be able to give out full payments as early as 2034, due to a rising number of retirees and a shrinking number of workers.<\/p>\n DEFICIT HAWKS FACE UPHILL CLIMB AFTER LATEST DOGE CUTS<\/strong><\/a><\/strong><\/p>\n