Social Security Update: Third round of July payments worth up to $4,873 goes out in two days

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

Beneficiaries born after the 21st of the month will receive their checks, worth up to $4,873 for the highest-income earners who retire at age 70, Wednesday.

Social Security payments typically start on the second Wednesday of the month, and the second and third payments are made on the third and fourth Wednesdays, respectively.

Retirees born between the first and 10th of a month received their payments on July 10. Beneficiaries born between the 11th and 20th of a month received their checks on July 17th.

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The earliest age a person can begin collecting social security is age 62, but the most they will be able to collect is $2,710 per month. Retiring at age 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.