Millions of Social Security beneficiaries will receive the first of June’s three payments, worth up to $4,555, in less than a week, according to the Social Security Administration‘s schedule.
The payment will be released in five days, on Wednesday, June 14, and will be sent to recipients born between the first and 10th of each month. The monthly payments are disbursed on the second, third, and fourth Wednesdays of each month. The first wave goes out on the second Wednesday of June.
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The second distribution will go to retirees a week later on June 21 and will go to those born between the 11th and 20th of the month. The final wave will go out one week after that, on June 28, the fourth and final Wednesday of the month, to those born after the 21st of a month.
The amount of money each beneficiary receives differs depending on his or her age at retirement. Recipients who retire at 62 get monthly installments of up to $2,572, those who retire at 67 receive a maximum payment of $3,627, and those who delay retirement until 70 get the highest amount with a maximum of $4,555 per month, according to the SSA.
Recipients could see a decrease in their payments in the future if Congress does not settle on funding for the program. 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.
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Social Security recipients could see a cost-of-living adjustment of 3.1% next year, which would be a significant drop from the 8.7% they received for 2023. The annual cost-of-living adjustment is the yearly increase in the monthly installments, based on the consumer price index for urban wage earners and clerical workers.
The current age of retirement in the United States is 67, but some lawmakers have proposed raising the age of retirement to 70. However, people can take an early or late retirement. The earliest someone can retire is 62. For late retirement, the age is 70.
