There is just one more disbursement of three monthly Social Security payments in July, worth up to $4,555 for people who retire at 70, which goes out to millions of retirees in two days, according to the Social Security Administration's schedule.
The final distribution will go out on July 26, to recipients born after the 21st of the month. The payment comes one week after the second round was released, which was given to recipients born between the 11th and 20th of the month.
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The first round was distributed on July 12 for those born between the first and 10th of the month. Each recipient receives just one retirement check every month.
The maximum amount of money each beneficiary can receive differs. Factors that affect how much recipients receive include age at retirement, how long they have paid into Social Security, and how much money they pay into the program during those years.
Recipients who retire at the earliest age of 62 get monthly installments of up to $2,572. Those who retire at 67, the full retirement age, receive a maximum benefit of $3,627. But people who delay retirement until 70, the oldest age of retirement, get the highest maximum payment of up to $4,555 per month, according to the SSA.
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The future of Social Security, including how the payments work and the amount people receive, is still uncertain. But experts have warned that recipients could see a decrease in their payments in the future if Congress does not settle on funding for the program before the Social Security trust runs out. Money in the program's trust is expected to run out by 2034.
Discussions on how to save the program have occurred on Capitol Hill for years. One recent proposal by House Republicans suggested slowly raising the full age of retirement to 69 by 2033.