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This Wednesday, August 23, the last Social Security payment will begin to be sent to the millions of retirees for a value of up to $4,555 dollars, which corresponds to people who delayed their retirement for 70 years.
According to the schedule, this payment corresponds to retirees born on the 21st of any month, however the amounts depend on some factors such as: retirement age, money spent on the program during years worked and the time of Social Security payment by the beneficiary.
How much do retirees get?
According to the Social Security Administration, for retirees at age 62, which is the earliest age for claiming benefits, they receive $2,572 dollars each month; for retirees at age 67, which is the full benefit age, it is $3,627 dollars monthly and to those who retired at age 70 the maximum payment is $4,555 per month.
Social Security payment dates
The first round of payment was made on August 9 to retirees born between the 1st and 10th of any month, the second round was for those born on the 11th and 20th of any month, these payments were sent on August 16; and the third round corresponds this Wednesday, August 23 for those born on or after that date any month.
On the other hand, for the group of American retirees who live outside the country or who were born before 1997, their payments were already sent on August 3, this deposit is made regardless of the day they were born.
The future of Social Security
Experts warn that if the financing of the program is not decided in the coming years, the Social Security trust fund may be exhausted by 2034, therefore, the future of Social Security remains uncertainand the beneficiaries will be the most affected, if there is no change.
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