The first round of October Social Security payments for retirees, now capped at $5,181, will be issued today.
When will payments arrive?
Retirees born on or before the 10th of a month will receive this payment on Wednesday, Oct. 14.
The second round will go out on Oct. 21 to those born between the 11th and 20th of a month, and the third round will go out on Oct. 28 to those born on or after the 21st of a month.
Who is eligible?
Citizens are eligible for Social Security payments beginning at age 62.
How much will I receive?
Payments are largely reliant on a person’s retirement age. While the youngest retirement age, 62, could receive up to $2,969 per month, a recipient who waited until 70 years old could receive up to $5,181 per month, according to the Social Security Administration.
For those who wait until full retirement age, their benefit would be up to $4,152. Anyone born in 1960 or later must be 67 years old to be considered full retirement age, according to the Social Security Administration.
The benefit could be less if the recipient earned less than the taxable maximum.
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Beneficiaries can see a personalized estimate of how much they could expect each month using the SSA’s calculator.
How is it financed?
Employers and employees finance the Social Security fund through withholdings.
However, payment amounts could change unless Congress takes action to address the depleting fund. According to a report from trustees, the retirement fund is set to run out by 2032 due to a rising number of retirees and a shrinking workforce.
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[ H/T Washington Examiner ]
