First round of July Social Security payments goes out in 10 days

The first round of July Social Security payments for retirees, now capped at $5,181, will be issued in 10 days.

Retirees born on or before the 10th of a month will receive this payment on Wednesday, July 8.

The second round will go out on July 15 to those born between the 11th and 20th of a month, and the third round will go out on July 22 to those born on or after the 21st of a month. 

Citizens are eligible for Social Security payments beginning at age 62.

Social Security payment amounts are determined by several factors, including age of retirement, the amount paid into Social Security, and the number of years paid into Social Security.

Payments largely depend on a recipient’s retirement age. A beneficiary retiring at the youngest age, 62, could receive up to $2,969 per month, while a 70-year-old retiree could receive up to $5,181 per month, according to the Social Security Administration.

Beneficiaries can see a personalized estimate of how much they could expect each month using the SSA’s calculator.

Social Security is financed by a payroll tax paid for by employers and employees.

Social Security payment amounts are set to shrink unless Congress takes action to prevent it. 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.