SOCIAL SECURITY BIG UPDATE: First round of September payments worth $4,873 go out in 9 days

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According to Washington Examiner, The first round of September’s Social Security payments, offering up to $4,873 for the highest-income earners who retire at age 70, is set to be distributed on September 11. Here’s everything you need to know about this month’s Social Security payments.

What is Social Security?

Social Security, established by the Social Security Act of 1935 and signed into law by President Franklin D. Roosevelt, provides monthly income to retirees, replacing their earnings after they stop working. The Social Security Administration (SSA) manages these payments, which are a crucial source of financial support for many Americans.

Also READ – LAST CHANCE: Americans Have Just Hours to Claim a One-time Payment from $1.8m Admin Fee Settlement

When Will the Payments Arrive?

Social Security payments are typically issued on the second Wednesday of each month, with subsequent waves distributed in the following weeks. The specific distribution date depends on a retiree’s birthdate:

  • Born between the 1st and 10th: Payments will be sent on September 11.
  • Born between the 11th and 20th: Payments will be sent on September 18.
  • Born on or after the 21st: Payments will be sent on September 25.

Also Read – CASH GRAB: Millions to get $943 Social Security Payment Early Thanks to Calendar Oddity

How to Maximize Your Social Security Check

The amount of your Social Security check depends on three main factors: your retirement age, how much you’ve contributed to Social Security over the years, and the total number of years you’ve contributed.

  • Retirement Age: If you retire at the earliest eligible age of 62, you can receive up to $2,710 per month. However, delaying retirement until age 70 increases your monthly benefit to a maximum of $4,873, according to SSA data.
  • Contributions and Work History: Your lifetime earnings and the number of years you worked also impact the amount you receive. Beneficiaries can use the SSA’s calculator to estimate their monthly payments based on these factors.

When Are You Eligible?

You become eligible for Social Security payments starting at age 62. The amount you receive will vary depending on when you choose to start collecting benefits.

How is Social Security Financed?

Social Security is funded through payroll taxes, which are paid by both employers and employees.

However, the sustainability of full Social Security payments is in question. Without legislative action, analysts predict that the SSA may only be able to distribute reduced benefits starting as early as 2034. This is due to the growing number of retirees compared to the shrinking workforce contributing to the system.

By understanding these key points, you can better navigate your Social Security benefits and plan for your financial future.

Also Read – Delaware Agrees to $102M Settlement in Unclaimed MoneyGram Dispute

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