Social Security Payment August 2024 – In just three days, millions of retirees will receive their August Social Security payments, worth up to $4,873 for the highest-income earners who retire at 70.
In most cases, the first Social Security payment is sent out on the second Wednesday of every month, and the subsequent two payments on subsequent Wednesdays.
Social Security Payment August 2024
The retirement payments for retirees born between the 1st and 10th of a month will be made on August 14. Retirees born on or after the 21st of a month receive their payments on Aug. 28, while beneficiaries born between the 11th and 20th receive their checks on Aug. 21.
At age 62, a person is eligible to begin receiving Social Security payments, but they will only receive $2,710 per month. The amount you can receive per month if you delay retirement until age 70 is up to $4,873.
The amount a person receives depends on their age, the amount they paid into the system, and the length of time they have been paying into it.
It is possible to get a personalized estimate of how much is expected to be paid to beneficiaries through the SSA’s calculator.
The Social Security payment amounts are set to shrink unless Congress intervenes. It is estimated that the Social Security Administration will no longer be able to pay out full benefits to recipients as early as 2034 due to a growing number of retirees and a dwindling number of workers.
