According to the schedule provided by the Social Security Administration, retirees can expect to receive the second of three Social Security retirement payments for June. This payment, which can amount to a maximum of $4,555, was sent out on June 21, specifically targeting recipients born between the 11th and 20th of a month. As part of the monthly disbursement routine, these payments are distributed on the second, third, and fourth Wednesdays of each month.
On the fourth and final Wednesday of the month, June 28, the last batch of payments will be issued to individuals born after the 21st. Conversely, the initial round of payments was dispatched on June 14, catering to recipients born between the first and 10th of a month. These are the important data to take into account for these social security payments.
Maximum amount received by Social Security
The maximum amount received by each beneficiary varies based on their retirement age. Those who retired at 62 can expect monthly payments of up to $2,572, while individuals who retired at 67 receive a maximum benefit of $3,627. Those who delayed retirement until 70 receive the highest monthly payment of $4,555, as per the Social Security Administration (SSA) guidelines.
Social Security recipients experience an annual cost-of-living adjustment (COLA) determined by the previous year’s consumer price index for urban wage earners and clerical workers. However, the COLA increase for the upcoming year is expected to be significantly lower compared to 2023, with a projected rise of only 2.7%. In contrast, retirees witnessed an 8.7% increase in 2023.
In the absence of a resolution on program funding by Congress, Social Security recipients may face potential reductions in their future payments. Congressional discussions regarding the future of Social Security have been ongoing for years, with experts warning that the program could become insolvent within a decade if no action is taken. It is projected that the funds in the program’s trust will be depleted by 2033.
Currently, the retirement age in the United States stands at 67. However, some lawmakers have proposed increasing the retirement age to 70. Individuals planning for retirement have the option to retire early at 62 or delay retirement until as late as 70, depending on their personal circumstances and preferences.
Understanding Social Security retirement current age and the proposed increment
In the absence of a funding resolution by Congress, recipients may experience a potential reduction in their future payments. Deliberations concerning the longevity of Social Security have been ongoing within the legislative body for numerous years, with experts cautioning that the program could face insolvency within a decade if no action is taken. Forecasts indicate that the funds in the program’s trust will be depleted by the year 2033.
Currently, the retirement age in the United States stands at 67. However, a recent proposition put forth by House Republicans suggests a gradual increase in the full retirement age to 69 by the year 2033. Nevertheless, individuals seeking to retire in the near term have the option of an early retirement at 62, or alternatively, they can delay their retirement until as late as 70.
Having said all this, here are the current scenarios if you’re close to retirement, depending on your age of birth:
- 1937 or earlier: retirement at 65
- 1938: 65 and 2 months
- 1939: 65 and 4 months
- 1940: 65 and 6 months
- 1941: 65 and 8 months
- 1942: 65 and 10 months
- 1943 to 1954: 66
- 1955: 66 and 2 months
- 1956: 66 and 4 months
- 1957: 66 and 6 months
- 1958: 66 and 8 months
- 1959: 66 and 10 months
- 1960 and later: 67