economy
First round of April Social Security payments goes out in 11 days
The first round of April Social Security payments for retirees, now capped at $5,181, will be issued in 11 days.
TL;DR
- April Social Security payments for retirees begin on April 8, with subsequent rounds on April 15 and April 22.
- Payment amounts are capped at $5,181 and depend on factors like retirement age, contributions, and years paid.
- Retirees can receive up to $2,969 at the earliest retirement age of 62, or up to $5,181 if they wait until age 70.
- Social Security is funded by payroll taxes from employers and employees.
- Without congressional action, the Social Security Administration may be unable to issue full payments by 2034 due to an increasing number of retirees and a shrinking workforce.