Social Security update: $4,500 payment coming to millions of accounts in next two weeks

Maya Devi
Disclaimer: This post contains information written by AI.

Mark your calendars! The first round of June's Social Security payments, with a maximum amount of $4,555, is set to be sent out in just 16 days, as per the Social Security Administration's schedule.

On June 14, the second Wednesday of the month, payments will be released for individuals born between the 1st and 10th. This pattern continues, with distributions occurring on the 2nd, 3rdd, and 4th Wednesdays of each month.

Retirees born between the 11th and 20th can expect their payment one week later, on June 21. And finally, on June 28, the last Wednesday of the month, payments will go out to those born after the 21st.

The exact payment amount depends on the recipient's age at retirement. Those who retire at 62 can receive up to $2,572 per month, while individuals who retire at 67 are eligible for a maximum of $3,627. Those who delay retirement until age 70 can receive the highest payment of $4,555 per month, according to the SSA.

However, there are concerns regarding future funding for Social Security. If Congress does not address this issue, recipients may face a decrease in their payments. Congress has been discussing the future of Social Security for years, as experts warn of potential insolvency within a decade if no action is taken.

Additionally, there might be a lower cost-of-living adjustment (COLA) next year. While recipients saw an 8.7% increase for 2023, the COLA for the following year could be just 3.1%. The annual adjustment is based on the CPI for urban and clerical workers.

It's worth noting that the current retirement age in the United States is 67, but some lawmakers have proposed raising it to 70 as a potential solution to address the program's future sustainability.

As the calendar flips to June, Social Security recipients eagerly anticipate their upcoming payments, while concerns about the program's funding and potential changes to retirement age continue to be hot topics of discussion.

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