Social Security update: Direct payment worth up to $4,555 goes out to millions in 20 days

Misty Severi May 25, 11:13 AMMay 25, 11:13 AM Video Embed

The first round of June’s three Social Security payments, worth up to $4,555, will be sent out in just under three weeks if an agreement on the debt ceiling is reached in time, according to the Social Security Administration’s schedule.

The payment is currently scheduled to be released on the second Wednesday of June, which is June 14, 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.

BIDEN AND REPUBLICANS BLAME EACH OTHER FOR DEFAULT THEY INSIST WON’T HAPPEN

The second distribution will go to retirees one week later, on June 21, to those born between the 11th and 20th of a month. The final wave will go out on June 28, the final 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.

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.

Beneficiaries could also see a delay or decrease in payments next month if the United States defaults on its loans in June.

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

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.

The current age of retirement in the United States is 67, but some lawmakers have proposed raising the age of retirement to 70.

NewsRead More