THE first Social Security checks, worth up to $4,194, will land in 48 hours for some lucky birthday recipients.
The Social Security Administration sends payments on three different Wednesdays a month — the second, third, and fourth.
When you receive your payment depends on which day of the month your birthday falls.
Here is the July schedule:
- July 13: Social Security payment for those with birthdays between July 1st and July 10th
- 20th of July: Social Security payment for those with birthdays between July 11th and 20th
- July 27th: Social security payment for those with birthdays between July 21st and 31st.
In May 2022, a total of 65.6 million Americans received Social Security contributions for a total payout of nearly $101.1 million, according to Social Security Administration records.
In May, the median monthly pension benefit was $1,539.
Currently, the full benefit age is 66 years and two months for people born in 1955, but it is gradually being raised to 67 for people born in 1960 or later.
The amount you receive depends on how much you have worked and earned throughout your career.
There is a way to increase the amount of benefits you receive if you are willing to defer starting receipt.
Ways to increase the amount you receive in benefits each month
- At age 66, you receive 100% of your monthly benefit
- At age 67, you receive 108% of the monthly benefit because you delayed benefit by 12 months
- At age 70, you will receive 132% of the monthly benefit because you delayed benefit by 48 months
When you reach the age of 70, your monthly pension will no longer increase, even if you continue to delay receiving social security.
The maximum benefit you can receive if you retire at full retirement age in 2022 is $3,345.
If you retire in 2022 at age 70, your maximum benefit is $4,194.
Here’s more from The Sun on Social Security and why some recipients may have to pay back some of their benefits.
Plus, more on the Cost of Living Adjustment (COLA).
https://www.the-sun.com/money/5749158/social-security-payments-today-eligible-2/ First of July Social Security check worth up to $4,194 arriving in 48 hours – see if your birthday means you get a payment