Third Round of June Social Security Payments to Be Issued June 24

The third round of June Social Security payments will be issued on Wednesday, June 24. Retirees born on or after the 21st of a month will receive the payments, which are capped at a maximum of $5,181. The first round of June payments went out on June 10 to retirees born on or before the 10th of a month.

The second round went out on June 17 to those born between the 11th and 20th of a month. Citizens become eligible for Social Security benefits at age 62. Payment amounts depend on several factors, including the age at which a person retires, the amount paid into the system, and the number of years of contributions.

A beneficiary retiring at age 62 could receive up to $2,969 per month. A 70-year-old retiree could receive up to $5,181 per month, according to the Social Security Administration. Beneficiaries can view a personalized estimate using the SSA’s online calculator.

Social Security is financed by a payroll tax paid by employers and employees. Payment amounts are projected to decline unless Congress acts, according to the Social Security trustees report. According to a trustees report, the Social Security retirement fund is set to run out by 2032 due to a rising number of retirees and a shrinking workforce.