​​Social Security update: Final round of June payments worth $4,873 to go out in four days

The third and final round of June’s Social Security payments, worth up to $4,873 for the highest income earners who retire at 70, will go out to the next group of retirees in four days.

Here is everything to know about this month’s Social Security payments.

What is it?

Social Security retirement payments are monthly checks given to retirees, meant to reduce or replace their incomes once they stop working.

When does the check arrive?

Social Security payments typically begin on the second Wednesday of every month, and the following waves go out in the subsequent weeks. The distribution of payments depends on which day of the month a retiree was born.

Retirees born between the 1st and 10th of a month received their payment on June 12. Retirees born between the 11th and 20th of a month received their checks on Tuesday, June 18, because June 19 was a holiday.

The final check for June is sent to beneficiaries born on or after the 21st of a month, and they will receive their payments on Wednesday, June 26.

How can I maximize my check?

The age of recipients at the time of retirement, the amount paid into Social Security, and the number of years paid into Social Security all affect how much retirees receive.

Beneficiaries can see a personalized estimate of what they can expect each month through the SSA’s calculator.

Payments depend on the age at which recipients choose to retire. Retiring at the youngest age, 62, allows up to $2,710 per month, while delaying to 70 can allot up to $4,873 per month, according to the SSA.

When am I eligible?

The earliest one to begin receiving Social Security payments is 62 years old.

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

How is it financed?

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

Social Security payment amounts are set to shrink unless Congress takes action to prevent it. Analysts estimate that the SSA will no longer be able to give out full payments to recipients as early as 2034 due to a rising number of retirees and a shrinking number of workers.