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

Here's everything you need to know about this month's Social Security payments, which will be paid out in three rounds.

When will the check arrive?

Social Security payments typically begin on the second Wednesday of each month, with subsequent waves occurring in subsequent weeks. The distribution of payments depends on what day of the month a retiree was born.

Retirees born between the 1st and 10th of each month received their payments on September 11. Beneficiaries born between the 11th and 20th of each month received their checks on September 18, and retirees born on or after the 21st of each month will receive their payments on September 25.

What is that?

The Social Security Act was signed by President Franklin D. Roosevelt in 1935, and the Social Security Administration was created to administer it. The agency sends retirees monthly checks to reduce or replace their income if they stop working.

How can I maximize my check?

Beneficiaries receive different amounts depending on when they retire, the amount they have paid into Social Security and the number of years they have paid into Social Security.

Payments depend largely on the recipient's retirement age. According to the SSA, you can receive up to $2,710 per month if you retire at 62, and up to $4,873 per month if you delay retirement until age 70.

Beneficiaries can use the SSA calculator to get an individual estimate of their monthly benefits.

When am I eligible?

From the age of 62, citizens are entitled to social security payments.

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How is the financing done?

Social security is financed through income taxes paid by employers and employees.

Social Security payments are expected to decline unless Congress takes action. Analysts estimate that the SSA will no longer be able to pay full benefits to recipients as early as 2034 as the number of retirees increases and the number of workers decreases.