The first round of June's three Social Security payments, worth up to $4,555, will be sent out in 16 days, according to the Social Security Administration's schedule.
The payment is scheduled to be released on June 14, the second Wednesday of June, and will be sent to people born between the first and 10th of the month. The payments are always sent out on the second, third, and fourth Wednesdays of each month.The second distribution will go to retirees one week later, on June 21, and it will go to those born between the 11th and 20th of a month. The final wave will go out on June 28, the final Wednesday of the month.
The amount of money each recipient gets varies depending on his or her age at retirement. Recipients who retire at 62 get up to $2,572, those who retire at 67 receive a maximum check of $3,627, and those who delay retirement until age 70 get the highest payment of $4,555 per month, according to the SSA.
Recipients could see a decrease in their payments if Congress does not figure out how the program will be funded in the future. Discussions on the future of Social Security have occurred in Congress for years, but experts have warned that the program could be insolvent in 10 years if nothing is done.Social Security recipients could see a cost-of-living adjustment of just 3.1% next year, which would be a significant dip from the 8.7% they received for 2023.
The current age of retirement in the United States is 67, but some lawmakers have proposed raising the age of retirement to 70.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Social Security update: Direct payment worth $914 arrives in four daysThere are four days until Supplemental Security Income beneficiaries receive the first of two June payments worth $914 each for individual filers.
Read more »
Social Security update: Direct payment worth $914 arrives in three daysThere are three more days until recipients of the Supplemental Security Income program will receive their checks, worth up to $914 for individual filers.
Read more »
Social Security COLA increase: How much can recipients expect in 2024?In 2023, Social Security beneficiaries saw a record 8.7% boost, the highest increase in four decades. That same level of increase likely won’t be seen in 2024, however.
Read more »
Elon Musk’s social security number among data leaked by whistleblowerGerman newspaper Handelsblatt reported Friday that Elon Musk's social security number was included in a huge pile of data provided by a Tesla whistleblower.
Read more »
Somalia says it will revert to direct vote for officials starting next yearSomalia will start electing its president and other officials by direct vote next year, the government announced on Sunday, ending a system of indirect voting in the Horn of Africa country that has endured three decades of conflict and clan battles.
Read more »
Russian Colonel killed after direct strike on his command post—ReportsRussian Colonel Oleg Pechevisty, 49, was killed 'while performing his commanding duty' in Syria last week, government officials said.
Read more »