The second round of August\u2019s Social Security payments for retirees aged 70 and above, now capped at $5,108, goes out in three days.<\/p>\n
Social Security payments are scheduled to begin on the second Wednesday of every month<\/a> and continue in waves on a weekly basis. The payment date is determined by the day of the month a retiree was born.<\/p>\n Retirees born between the 11th and 20th of a month will receive this payment round on Aug. 20.\u00a0<\/p>\n The first round of payments already went out on Aug. 13 to retirees born between the first and 10th of a month, and the final round will be distributed on Aug. 27 to those born on or after the 21st of a month.\u00a0<\/p>\n When am I eligible?<\/p>\n Citizens are eligible for Social Security payments beginning at 62 years old.<\/p>\n How can I maximize my check?<\/p>\n Social Security payment amounts are determined by several factors, including age of retirement, the amount paid into Social Security, and the number of years paid into Social Security.<\/p>\n Payments largely depend<\/a> on a recipient\u2019s retirement age. Those who retire at the youngest age, 62, can receive up to\u00a0$2,831 per month, while a 70-year-old retiree can receive up to $5,108 per month, according to the Social Security Administration.<\/p>\n Beneficiaries can see a personalized estimate of how much they can expect each month through<\/a> the SSA\u2019s calculator.<\/p>\n How is it financed?<\/p>\n