The Social Security Administration (SSA) is set to deliver the third and final round of monthly payments on April 23, closing out its April schedule for millions of American retirees. Those who chose to delay retirement until age 70 and contributed the maximum amount over their careers could receive payments of up to $5,108.
These payments are issued based on recipients’ birth dates, allowing the SSA to distribute funds in stages throughout the month. This staggered system helps streamline payment processing and ensures that beneficiaries receive their checks without delay.
How to qualify for the highest Social Security payment
Social Security benefits vary depending on the age at which an individual retires and the total amount they contributed during their working years. Americans can begin collecting benefits as early as age 62, but monthly payments are significantly lower for early retirees. For instance, someone retiring at 62 may receive up to $2,831 per month, while waiting until age 70 can boost that amount to $5,108.
To help with retirement planning, the SSA offers an online benefits calculator that estimates your monthly payment based on your work history and earnings. This tool can be crucial in deciding the most financially advantageous time to retire.
Long-term funding concerns for Social Security
Social Security is funded through a payroll tax, split between employers and employees. However, experts warn that the program’s trust fund may run short of funds to cover full benefits by 2034, unless Congress intervenes with new legislation.
The growing number of retirees and a declining workforce are putting increased pressure on the system. Without changes, future beneficiaries could see reduced payments. Lawmakers are being urged to take action soon to preserve Social Security’s long-term stability and ensure that it continues to support aging Americans for decades to come.