There are just under two weeks until millions of retirees receive their first check in August, which is worth up to $4,555 for people who delay their retirement until they are in their 70s.
The first wave of payments will go out on Aug. 9 to people born between the first and 10th of the month. A second will be dispersed on Aug. 16 for those born between the 11th and 20th of the month. The third will be sent out on Aug. 23 to those born after the 21st.
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There are also payments sent out on Aug. 3 to those who live outside the United States and those who receive both Supplemental Security Income and Social Security benefits. Those who retired before 1997 also get paid on the third.
The maximum amount of money each beneficiary can receive differs. Factors that affect how much they receive depend on their age at retirement, how long they have paid into Social Security, and how much money they pay into the program during those years.
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Recipients who retire at the earliest age of 62 get monthly installments of up to $2,572. People who retire at 67, the full retirement age, receive a maximum benefit of $3,627. Those who delay retirement until 70, the oldest age of retirement, get the highest maximum payment of up to $4,555 per month, according to the Social Security Administration.
The future of Social Security, including how the payments work and the amount individuals will receive is still uncertain. But experts have warned that recipients could see a decrease in their payments in 2034 if Congress does not settle on funding for the program before the Social Security trust runs out.
