The first round of June’s three Social Security payments, worth up to $4,555, will be sent out in 19 days if an agreement on the debt ceiling is reached in time, 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.
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The second distribution will go to retirees the following week, 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 last Wednesday of the month. It will go to those born after the 21st of a 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.
The current age of retirement in the United States is 67, but some lawmakers have proposed raising the age of retirement to 70.
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.
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Beneficiaries could also see a delay or decrease in payments next month if the U.S. defaults on its debt.
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 annual COLA is based on the consumer price index for urban wage earners and clerical workers.
