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First round of September Social Security payments goes out in three days
washingtonexaminer.com • • business
Key Points:
- Citizens become eligible for Social Security payments starting at age 62.
- The amount of Social Security payments depends on factors such as retirement age, total contributions, and years of payments into the system.
- Retiring at age 62 can yield up to $2,969 per month, while waiting until age 70 can increase benefits to as much as $5,181 per month.
- Individuals can use the Social Security Administration’s online calculator to get personalized estimates of their expected monthly payments.
- Social Security is funded through payroll taxes contributed by both employers and employees.
