Lots of retirees will soon start receiving their first Social Security checks for August, which can be valued up to $4,555 for those who wait till they are in their 70s.
Individuals born between August 1 and August 10 will receive their initial 3 August payouts on Wednesday, August 9, 2023, 6 days later. For those who were born during the 11th and 20th of the month, the next round of payouts will be paid a week later, on Aug. 16, and the last payout will arrive on Aug. 23 to those who were born after the 21st.
Retirement payouts should be received on Thursday, August 3 for those who live away from the United States, get both Social Security and Supplemental Security Income benefits, and retired before 1997.
Every beneficiary’s maximum payment is different. The age at which a retiree retires, the length of time they have contributed to the federal program, and the amount of funds they contributed to Social Security throughout their working years are some of the elements that impact how much every retiree gets.