In six days, the first round of August’s Social Security payments, up to $4,873 for those who retired at age 70, will be distributed, but there are concerns about the program’s future funding due to an imbalance between retirees and workers.
August Social Security Payments Up to $4,873 – What Retirees Need to Know
According to The Washington Examiner, In six days, the first round of Social Security payments for August will be sent out, with some retirees receiving as much as $4,873 if they retire at age 70. These payments, managed by the Social Security Administration (SSA), provide important financial support to retirees. The payment date depends on the retiree’s birthdate, with those born between the 1st and 10th of the month getting their checks on August 14th.
The amount of Social Security payments depends on several factors, including the age a person retires and how much they paid into Social Security while working. Retiring at the earliest age of 62 can provide up to $2,710 per month while waiting until age 70 can result in the maximum benefit of $4,873. The SSA has an online calculator that helps people estimate their monthly payments based on these factors.
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Up to $4,873: Social Security Payments in August 2023 – Benefits and Payment Dates for Retirees (PHOTO: La GradaPlanning)
Social Security Funding Crisis: Why Payments May Be at Risk by 2034
Social Security relies on payroll taxes from both employers and employees to keep running. However, as the number of retirees grows and fewer workers are paying into the system, there’s a worry that Social Security might not have enough money to pay out full benefits by 2034. To avoid this shortfall, Congress will need to step in and find a solution to keep the system fully funded.
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