Photo: Shutterstock / Shutterstock
The Social Security Administration (SSA) reported that the first round of three social security payments is scheduled for the month of June, a direct payment that equals $4,555 dollars which will be sent to millions of retirees.
In this sense, according to the schedule of the SSA, The first payment will be made on June 14, this corresponds to the beneficiaries born on the 1st and 10th of each month. The amount they receive will depend on their retirement age.
In this case, retirees at age 62 receive $2,572 dollarsthose 67 years old receive a maximum payment of $3,627 dollars and beneficiaries who are over 70 years old have the highest check that is $4,555 dollars per month.
On the other hand, the second round of payments, will be made on June 21, this check will be for retirees born between the 11th and 20th of each month and finally the third wave of payments, will be made on June 28 and will be sent to beneficiaries born after the 21st of each month.
Due to the cost of living adjustment, Social Security beneficiaries could receive an 8.7% drop in benefits by 2024 from the benefits they received this year. In addition, many analysts believe payments will decline if Congress does not establish stable funding going forward since they consider that if an agreement is not reached, the program will be insolvent in the next 10 years.
Keep reading:
- Social Security will send double payment in June: who will receive it
- New Financial Aid Offers Up to $8,000 in Home Improvement Credits: Who Qualifies
- New York special program will provide financial support for $49,500: what it is and how to qualify