Social Security update: First round of July payments worth $4,873 goes out in 12 days

Millions of Social Security beneficiaries will receive their July retirement payments, worth up to $4,873 per check for those who retire at 70 years old, in 12 days.

Social Security payment recipients who were born between the first and the 10th of a month will get their regular monthly checks from the Social Security Administration on July 10.

Regular Social Security payments are based on the earnings throughout a retiree’s life and have no limits based on income, but the amount each check is worth depends on the age when an individual retires.

People who retired at the current retirement age, 67, receive a maximum check of $3,822, while those who retired at 62 get up to $2,710 and those who delay their retirement to 70 get the largest payment of $4,873 per month, according to the Social Security Administration.

The monthly payment schedule features three waves, all occurring on Wednesdays — or Tuesdays if a Wednesday is a federal holiday.

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The distribution of checks is divided by the days of the month on which recipients were born. The second wave of payments will be sent out on July 17, while the third wave of payments will be sent out on July 24.

The monthly Social Security payments being sent out in the coming weeks are different from other checks given out by the SSA — such as Supplemental Security Income payments, which are sent out on a different schedule.