Social Security Update: Some seniors can get up to $4,873 in just days

The first wave of July Social Security payments will be distributed to seniors in just a few days, with some recipients qualifying for up to $4,873 depending on their retirement age and income level.

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All beneficiaries born between the 1st and 10th of the month will receive their monthly check on Wednesday, July 10. For those who retired at the maximum retirement age, which is 70, the check could be as much as $4,873.

Most checks will, of course, be significantly lower. Your exact amount is determined by the amount of earnings you make throughout your working life, as well as when you choose to retire.

All those who retire at the current retirement age of 67 can qualify for a maximum payment of $3,822, while those who retire earlier than age 62 can earn up to $2,710.

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The exact date of the benefit also depends on your birthday, so while those born earlier than a month can expect their checks next Wednesday, others will have to wait longer.

Payments for those born later in the month go out on July 17 and July 24, according to the Social Security Administration’s (SSA) schedule.

Possible Social Security updates

While nationally, SSA faces a funding crisis by the mid-2030s, seniors continue to say their monthly checks aren’t enough to keep up with today’s inflation.

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“You can feel the frustration among seniors when you walk into a grocery store,” said Alex Beene, a financial education instructor for the state of Tennessee. Newsweek. “Some of the items most affected by inflation have been everyday purchases that did not expect to see large price increases during retirement.”

The Seniors Benefit and COLA Enhancement Act, a bill proposed by Sen. Kirsten Gillibrand, a New York Democrat, aims to give seniors higher monthly checks if passed.

“Social Security is a lifeline for seniors. For many, it is their primary source of income,” Gillibrand said in her announcement of the bill in March. “But benefits aren’t keeping pace with rising costs, leaving many older Americans struggling to afford the basics, especially health care.”

Under the bill, Social Security’s annual cost of living adjustment (COLA) would take into account health care costs for seniors by using the consumer price index (CPI) for seniors instead of the CPI for urban wage earners and white-collar workers. .

However, Beene has warned Social Security recipients not to expect a sudden, extreme increase in payments.

“That can be a blessing and a curse, in some ways,” Beene said previously Newsweek. “The promise that higher health care costs are a bigger factor is certainly music to the ears of many seniors who are struggling with those increased prices. At the same time, it will be interesting to see how other costs of living are factored in. We hope that these other expenses have the same generosity in the calculation that health care is supposed to have.

Currently, analysts predict that Social Security will stop being able to send out full payments by 2033 as more baby boomers enter retirement, with very few people left in the workforce.