Political News and Conservative Analysis About Congress, the President, and the Federal Government
In 1935, President Franklin D. Roosevelt signed the Social Security Act into law, creating the Social Security Administration to manage it. The agency sends monthly checks to retirees, meant to reduce or replace their incomes once they stop working.on the second Wednesday of every month, and the following waves go out in the subsequent weeks. The distribution of payments depends on which day of the month a retiree was born.
Retirees born between the first and 10th of a month will receive their payments on Aug. 14. Beneficiaries born between the 11th and 20th of a month will receive their checks on Aug. 21, and retirees born on or after the 21st of a month will receive their payments on Aug. 28.The amount beneficiaries receive depends on when they retire, the amount paid into Social Security, and the number of years paid into Social Security.
Payments largely depend on recipients’ retirement age. According to the SSA, retiring at the youngest age, 62, allows up to $2,710 per month, while delaying retirement until age 70 can allot up to $4,873 per month. Social Security is financed by a payroll tax paid by both employers and employees. Social Security payment amounts are set to shrink unless Congress takes action to prevent it. Analyststhe SSA will no longer be able to give out full payments to recipients as early as 2034 due to a rising number of retirees and a shrinking number of workers.
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