According to the recently released schedule by the Social Security Administration, millions of retirees across the nation can expect to receive the last set of three Social Security retirement payments for June within just days. The payments, which can amount to a maximum of $4,555, will be disbursed on Wednesday, June 28.
These payments specifically apply to recipients born after the 21st of a month and are scheduled for the fourth Wednesday of June. As part of the regular Social Security payment schedule, monthly disbursements are typically made on the second, third, and fourth Wednesdays of each month. In the recent payment distribution, the first installment was sent out on June 14 to individuals born between the first and 10th of a month.
Social Security Direct Payment $4,555 within days
The second wave of payments was disbursed on Wednesday to beneficiaries born between the 11th and 20th of a month. The maximum amount received by each beneficiary varies depending on their age at retirement. Those who retire at 62 can expect monthly installments of up to $2,572, while individuals retiring at 67 receive a maximum benefit of $3,627.
Those who choose to delay retirement until 70 will receive the highest payment of $4,555 per month, as confirmed by the Social Security Administration (SSA).
Annually, Social Security recipients receive a cost-of-living adjustment, determined by the previous year’s consumer price index for urban wage earners and clerical workers. However, the projected increase for next year, 2024, is expected to be significantly lower, at just 2.7%. This stands in contrast to the substantial 8.7% increase witnessed by retirees in 2023.
The future of Social Security remains uncertain, and recipients may face a reduction in their payments if Congress fails to address funding for the program. Congressional discussions on the program’s future have been ongoing for years, and experts have raised concerns about its solvency within a decade if no action is taken. The trust fund for Social Security is projected to be depleted by 2033.
Currently, the retirement age in the United States stands at 67. However, House Republicans have recently proposed gradually increasing the full retirement age to 69 by 2033. This proposal aims to address the program’s financial challenges. Meanwhile, individuals nearing retirement have the option to retire early at 62 or wait until as late as 70. It remains crucial for individuals to stay informed about potential changes and plan accordingly for their retirement.