Here’s what Americans need to know…
As per the schedule provided by the Social Security Administration, the initial batch of June’s three Social Security payments, which can amount to a maximum of $4,555, is set to be disbursed in 16 days.
According to the Washington Examiner, on June 14, which falls on the second Wednesday of June, the payment is slated to be released. This particular payment will be disbursed to individuals born between the first and 10th of the month. It is customary for these payments to be sent out on the second, third, and fourth Wednesdays of each month.
The subsequent distribution of payments is scheduled for June 21, one week after the initial payment. This second wave will be allocated to retirees born between the 11th and 20th of any given month. Finally, the last round of payments will be dispatched on June 28, which marks the final Wednesday of the month. These payments will be directed to individuals born after the 21st day of each month.
The monetary amount received by each recipient is contingent upon the age at which they retire. Individuals who choose to retire at 62 can receive a maximum payment of up to $2,572. Those who retire at 67 are eligible for a maximum monthly payment of $3,627. However, recipients who opt to delay retirement until the age of 70 receive the highest payment of $4,555 per month, as stated by the Social Security Administration (SSA).
In the absence of a resolution regarding the future funding of the program, recipients may potentially experience a reduction in their payments. Congress has engaged in ongoing discussions about the future of Social Security for several years. However, experts have cautioned that if no action is taken, the program could face insolvency within a decade.
There is a possibility that Social Security recipients may receive a modest cost-of-living adjustment (COLA) of only 3.1% in the upcoming year. This would represent a considerable decrease compared to the 8.7% adjustment they received for the year 2023. The annual COLA is determined based on the consumer price index for urban wage earners and clerical workers.