The final round of September Social Security payments for retirees, now capped at $5,181, will be issued in four days.
When will payments arrive?
Retirees born on or after the 21st of a month will receive this payment on Wednesday, Sept. 23.
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The first round went out on Sept. 9 to retirees born on or before the 10th of a month, and the second round went out on Sept. 16 to those born between the 11th and 20th of a month.
Who is eligible?
Citizens are eligible for Social Security payments beginning at age 62.
How much will I receive?
Payments are largely reliant on a person’s retirement age. While the youngest retirement age could receive up to $2,969 per month, a recipient who waited until age 70 could receive up to $5,181 per month, according to the Social Security Administration.
For those who wait until full retirement age, their benefit would be up to $4,152. Anyone born in 1960 or later must be 67 years old to be considered full retirement age, according to the Social Security Administration.
The benefit could be less if the recipient earned less than the taxable maximum.
Beneficiaries can see a personalized estimate of how much they could expect each month using the SSA’s calculator.
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How is it financed?
Employers and employees finance the Social Security fund through withholdings. However, payment amounts could change unless Congress takes action to address the depleting funds.
According to a report from trustees, the retirement fund is set to run out by 2032 due to a rising number of retirees and a shrinking workforce.
