Social Secu­ri­ty update: First round of August pay­ments worth $4,873 to go out in 14 days

Social Security update: First round of August payments worth ,873 to go out in 14 days

The first round of August’s Social Secu­ri­ty pay­ments, worth up to $4,873 for the high­est-income earn­ers who retire at age 70, will go out to the first group of retirees in two weeks.
Here is every­thing to know about this month’s Social Secu­ri­ty pay­ments.
What is it?
Pres­i­dent Franklin D. Roo­sevelt signed the Social Secu­ri­ty Act into law in 1935, cre­at­ing the Social Secu­ri­ty Admin­is­tra­tion to man­age it. The agency sends month­ly checks to retirees, meant to reduce or replace their incomes once they stop work­ing.
When am I eli­gi­ble?
Cit­i­zens are eli­gi­ble for Social Secu­ri­ty pay­ments start­ing at 62 years old.
When does the check arrive?
Social Secu­ri­ty pay­ments typ­i­cal­ly begin on the sec­ond Wednes­day of every month, and the fol­low­ing waves go out in the sub­se­quent weeks. The dis­trib­u­ti …