The second round of October Social Security payments for retirees aged 70 and above, now capped at $5,108, will be issued in one day.
When will payments arrive?
Retirees born between the 11th and 20th of a month will receive this payment on Wednesday, Oct. 15.
The first round of payments went out on Oct. 8 for retirees born between the 1st and 10th of a month, while the third round will be issued on Oct. 22 to those born on or after the 21st.
An executive order that transitions federal government payments from paper checks to electronic payments went into effect on Sept. 30. Social Security recipients are among those affected by this change, though less than 1% received their benefits through paper checks.
When am I eligible?
Citizens are eligible for Social Security payments beginning at 62 years old.
How can I maximize my check?
Social Security payment amounts are determined by several factors, including age of retirement, the amount paid into Social Security, and the number of years spent paying into Social Security.
Payments largely depend on a recipient’s retirement age. Someone retiring at the youngest age, 62, could receive up to $2,831 per month, while a 70-year-old retiree could receive up to $5,108 per month, according to the Social Security Administration.
Beneficiaries can see a personalized estimate of how much they could expect each month through the SSA’s calculator.
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How is it financed?
Social Security is financed by a payroll tax paid by employers and employees.
Social Security payment amounts are set to shrink unless Congress takes action to prevent it. Analysts estimate the SSA will no longer be able to issue full payments as early as 2034, due to a rising number of retirees and a shrinking number of workers.
