Social Security payments typically begin on the second Wednesday of every month, and the following waves go out in the subsequent weeks. The distribution of payments depends on which day of the month a retiree was born.
Retirees born between the 1 and 10 of a month will receive their payments on May 15. Beneficiaries between the 11th and 20th of any month will receive there checks on May 22 and those born between the 21st and 31st of any month will receive their benefits on May 29.
Citizens are eligible for Social Security payments beginning at 62 years old, but retirement age, the amount paid into Social Security, and the number of years paid into Social Security all affect the amount beneficiaries receive from the program.
Payments largely depend on a recipient’s retirement age. Retiring at the youngest age, 62, allows up to $2,831 per month, while delaying retirement until age 70 can allot up to $5,108 per month, according to the Social Security Administration.
Beneficiaries can see a personalized estimate of how much they can expect each month through the SSA’s calculator.
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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 give out full payments to recipients as early as 2034 due to a rising number of retirees and a shrinking number of workers.
