Social Security update: First round of June payments worth $4,873 goes out Wednesday

The first of June’s three Social Security payments, worth up to $4,873 for those who retire at 70 , will be sent to the first group of retirees on Wednesday.

Beneficiaries born on or before the 10th of their birth month should receive their Social Security checks Wednesday. People born on or after the 21st will receive their checks on June 26. People born on or between the 11th and 20th of the month will get their checks on June 18.

Each recipient will receive one check. The maximum amount a retiree is entitled to depends on retirement age, the amount they paid into Social Security, and how long they paid into the program.

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Those who retire at 70 can receive up to $4,873 per month. Retiring at the full retirement age of 67 will give someone a maximum benefit of $3,822 per month, and people who retire at age 62 can only receive up to $2,710 a month.

Payments in 2024 are adjusted by 3.2% from 2023 to reflect cost-of-living increases due to inflation.