July Social Security payments begin for retirees born early in the month

The first round of July Social Security payments will be issued today to retirees born between the 1st and 10th of any month. The maximum monthly benefit is now capped at $5,181 for those retiring at age 70. Retirees born between the 11th and 20th of a month will receive payments on July 15, and those born on or after the 21st will receive payments on July 22.

Eligibility and payment calculation Citizens become eligible for Social Security payments at age 62. A beneficiary retiring at the youngest eligible age could receive up to $2,969 per month. Payment amounts depend on the age of retirement, the total amount paid into the system, and the number of years of contributions.

Recipients can view personalized estimates using the Social Security Administration calculator.

Funding and long-term outlook Social Security is financed through payroll taxes paid by employers and employees. Trustees have reported that the retirement fund is projected to be depleted by 2032 due to a rising number of retirees and a shrinking workforce.