Social Security update: Third round of June payments worth $4,873 to go out in one day

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 tomorrow.

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. The Social Security Administration, which manages the payments, was created with a law signed by President Franklin D. Roosevelt in September 1935.

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 first and 10th of a month received their payments on June 12. Beneficiaries born between the 11th and 20th of a month will get their checks on June 18, and retirees born on or after the 21st of a month will receive their payments on Wednesday, June 26. The June 18 payment was the only one of the year that did not occur on a Wednesday due to June 19 falling on a federal holiday.

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 the maximum payment retirees receive.

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

Payments largely 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 can begin receiving Social Security payments is 62 years old.

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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 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.