Millions of retirees will receive their first of three Social Security checks for August, worth up to $4,555 for people who delay their retirement until age 70, on Wednesday.
The first wave will go out on Aug. 9, 2023, to people born between the first and 10th of the month. A second round of payments will be sent a week later on Aug. 16 for those born between the 11th and 20th of the month.
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The final payment will be released on Aug. 23 to those born after the 21st.
A separate group consisting of retirees that receive both Supplemental Security Income and Social Security benefits, United States retirees that live outside of the country, and people that retired before 1997, received their payments on Aug. 3.
The maximum payments each retiree can receive differs. Some of the factors that affect how much each retiree receives include their age at retirement, how long they have paid into Social Security, and how much money they pay into the program during those working years.
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Recipients who retire at the youngest retirement age of 62 get the lowest possible monthly installment, which is up to $2,572. People who retire at 67, considered the full retirement age, receive a maximum benefit of $3,627. Those who delay retirement until 70, the oldest age of retirement, get the highest maximum payment of up to $4,555 per month, according to the Social Security Administration.
The future of Social Security, including the amount recipients will receive and how those disbursements will work, is uncertain. But experts have warned that future recipients could see a decrease in their payments starting in 2034 if Congress does not settle on funding for the program before the Social Security trust runs out. Those currently on Social Security would not be affected by the changes.
