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

The first round of July’s three Social Security payments, worth up to $4,873 for those who retire at age 70 , will go out in three days.

The first round of payments is set to go out Wednesday, July 10, to beneficiaries who were born on or before the 10th of the month.

People born on or between the 11th and 20th of the month will get their checks on July 17, and people born on or after the 21st of their birth month will receive their checks on July 24.

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

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Those who retire at age 70 can receive up to $4,873 per month. Retiring at the full retirement age of 67 will give one a maximum benefit of $3,822 per month. People who retire at age 62 are entitled to less and 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.