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rapid-disbursement-social-security-sends direct-payments-of-up-to-4555-to-millions

Rapid Disbursement: Social Security Sends Direct Payments of Up to $4,555 to Millions

The second installment of Social Security payments for July, worth up to $4,555 for retirees age 70 and older, will be paid out in three days to retirees born between a particular month’s eleventh and twentieth.

On July 19, the third Wednesday of the month, the second batch of payments will be distributed. The second, third, and fourth Wednesdays of each month are always when payments are made.

Those who were born after July 21 will receive the last wave of payouts a week later, on July 26. For individuals who were born between the first and tenth of the month, the first round was given out on Wednesday. One of these checks is given to each beneficiary each month.

Depending on their age upon retirement, beneficiaries can receive a different maximum amount of money. The maximum monthly payment for those who retire at age 62 is $2,572. A maximum pension of $3,627 is given to retirees at the age of 67. According to the SSA, those who put off retiring until age 70 are eligible for the highest monthly maximum payment of up to $4,555.

Not every beneficiary receives the maximum payment, which also depends on the length of time they pay into Social Security, and the amount of money that is paid into the program during those years.

Social Security Trust Alarming Concern

rapid-disbursement-social-security-sends direct-payments-of-up-to-4555-to-millions
The second installment of Social Security payments for July, worth up to $4,555 for retirees age 70 and older, will be paid out in three days to retirees born between a particular month’s eleventh and twentieth.

 

Recipients could see a decrease in their payments in the future if Congress does not settle on funding for the program before the Social Security trust runs out. Money in the program’s trust is expected to run out by 2033.

Experts have warned that if nothing is done, Social Security may run out of money in 10 years, a topic that Congress has been debating for years.

The retirement age in the US is currently 67, but a House Republican proposal suggested raising it to 69 by 2033. The choice to retire at 62, either early or late, or to postpone it until 70 is available to those who wish to do so shortly.

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Source: WashingtonExaminer

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