As per to the Social security update, in 12 days, seniors will get the first wave of September retirement benefits from Social Security, which are valued up to $4,555 for adults turning 70.
In the Social security update, the first payment will be made on September 13, the second Wednesday of the month, for people born between the first and tenth of their birth month. The second payment will be sent on September 20 to individuals born between the 11th and 20th of the month. The final wave will arrive on September 27 for individuals born on or after September 21.
In the recent published article by Washington Examiner, as per to the Social Security update, monthly retirement payments are also received by a separate group of retirees. Seniors who receive both Supplemental Security Income and Social Security benefits, those who retired before 1997, and U.S. retirees who live outside the country. They will received payments on September 7, regardless of the day of the month they were born.
In addition to the Social Security update, retirement payments are distinct from other SSA payouts, such as disability insurance or Supplemental Security Income. The next batch of SSI payments is set to be sent to eligible recipients on September 1.
According to Social Security update, the maximum payments for each retiree are determined by a variety of factors, including the individual’s age at retirement. Seniors who retire at the age of 62 may get up to $2,572 per month. As per to the Social Security Administration, people who retire at the full retirement age of 67 earn a maximum check of $3,627 per month, while those who delay retirement until 70 receive the biggest sum of up to $4,555 per month.
READ ALSO: Former Extremist Group Leaders Responsible For Jan. 6 Capitol Attack To Get Some Of Longest Sentences
Beneficiaries of Social Security receive a yearly adjustment to account for increases in the cost of living, which is based on the consumer price index for urban wage earners and clerical workers from the preceding year.
According to NSFAS Application, however, as per to the Social Security update, the next adjustment for next year is expected to be much lower, at only 2.7%, compared to the massive 8.7% increase observed in 2023.
If Congress fails to obtain money for the program before the Social Security trust fund runs out, recipients’ future payouts may be reduced. The trust funds are expected to be exhausted by 2033.
For some years, Congress has been debating the future of Social Security, and experts have warned that if no action is taken, the program could be insolvent within a decade.