Millions of retirees will receive their first August Social Security check, worth up to $4,555 for people who delay their retirement until they are in their 70s, in less than a week. Others will receive a check too, just less than number aforementioned.
The first wave of payments will go out in four days, on Wednesday, Aug. 9, to people born between the first and 10th of the month. Supplemental Security Income checks are different from regular Social Security payments in the case of a person collecting social security disability (SSDI) and Social Security income (SSI) as well which is an entitlement program run by the Social Security administration (
A second wave of payments will be sent a week later on Aug. 16, for those born between the 11th and 20th of the month, and the final payment will be released on Aug. 23 to those born after the 21st. Recipients just get one payment each month. What that means folks is our government is giving some money back to those who need it, hard working Americans. However, hard working Americans are people not corporations so the government must not be to generous to its constituents as to run afoul with corporate America. I know that last sentence sounds crass or obnoxious but ladies and gentlemen it is absolutely true.
Retirees that live outside of the United States, seniors that receive both Supplemental Security Income and Social Security benefits, and those who retired before 1997 get payments on the third of every month, and have already received their payments for August. So there will not be another rainbow with a pot of gold this month.
The maximum payments each beneficiary can receive differs. Payments made by Social Security (SSA) once active is called by the Administration the Acronym PIA. Some of the factors that affect how much each retiree receives depends on the age they retire, how long they have paid into the program, and how much money they pay into Social Security during those working years.
Recipients who retire at the earliest age of 62 get the lowest possible monthly installment, which is up to $2,572. People who retire at 67, considered the full retirement age, receive a maximum benefit of $3,627. Those who delay retirement until 70, the oldest age of retirement, get the highest maximum payment of up to $4,555 per month, according to the Social Security Administration. However a high wage earner at 62 may get a higher monthly allowance than a 70 year old with a spotty work history.
The future of Social Security, including the amount individuals will receive, and how those disbursements will work, is still uncertain. Congressmen are submitting different variations for reform such as removing the cap on social security tax over a certain amount. However, they may do a couple other things too so that Congress doesn’t piss off their rich neighbors and get voted out of office back into the real world.
But experts have warned that future recipients could see a decrease in their payments in 2034 if Congress does not settle on funding for the program before the Social Security trust runs out. You all heard it here first and it may not happen this decade but Congress will work out a deal with whoever is in office to make sure all Americans get the benefits they so deserve or get what Congress thinks they deserve. One last option being passed around Congress is to remove the tax provisions found in the IRS code relating to the taxation of social security (SSD) benefits. If this all sounds confusing call my office at 865-666-6175 for a free no hassle informative conversation about getting you your benefits. You paid for them do not forget that!