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

The second round of retirees can expect to see their July Social Security payments in just two days.

Beneficiaries born between the 11th and 20th of a month will receive their checks, worth as much as $4,873 for the highest-income earners who retire at 70, on Wednesday.

Social Security payments typically start on the second Wednesday of the month, with subsequent payments on the third and fourth Wednesdays.

Retirees born between the first and 10th of a month received their payments on July 10. The final round of payments goes out on July 24 to beneficiaries born on or after the 21st of a month.

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The earliest age a person can begin collecting social security is 62, but the most they will be able to collect is $2,710 per month. Retiring at the full retirement age of 67 will give one a maximum benefit of $3,822 per month.

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