Overview

• July retirement benefits will be paid in three waves: July 9 for birthdays on the 1st–10th, July 16 for the 11th–20th and July 23 for the 21st–31st.
• Early August Supplemental Security Income checks of up to $967 for individuals and $1,450 for couples will be distributed to eligible low-income, blind, elderly or disabled beneficiaries.
• Retirees can begin claiming at age 62 with a maximum monthly benefit of $2,831, rising to $4,018 at full retirement age and $5,108 at age 70 following the 2.5% cost-of-living adjustment.
• Starting July 24, the SSA will recover roughly $72 billion in improper payments by cutting affected beneficiaries’ checks in half until repayments are completed.
• Analysts warn that with a rising retiree population and a shrinking workforce, the Social Security trust fund may be unable to cover full benefits after 2034 without congressional action.