Social Security payment schedule for the COLA for 2022 - Three direct payments of

Up to $4,194 will be made in August - see the exact dates

A new round of monthly benefit payments for August will be released soon by the Social Security Administration (SSA).

The average Social Security benefit is $1,657 this year, and the maximum is $4,194 per month.

Each month, Social Security sends out payments on the second, third, and fourth Wednesdays.

Your payment is based on what day of the month your birthday falls.

Social Security benefits will be sent in August as follows:

1. August 10 if your birthday is between the 1st and 10th

3. August 24 if your birthday is the 21st or later

2. August 17 if your birthday is between the 11th and 20th

A continuation of Social Security's wage limit

As of 2020, the earnings cap will increase to $48,600, and the penalty will be reduced to $1 withheld 

for each dollar earned over the maximum, according to US News. After reaching full retirement age, 

Your benefit will be adjusted to reflect your withheld benefit and ongoing earnings.

As soon as you reach full retirement age, you can earn any amount you choose without having Social Security withheld.

Social Security wage limit revealed

The Social Security system allows you to work and collect benefits at the same time. Half of your Social Security

Benefits may be temporarily withheld if you haven't reached full retirement age.

US News reports that Social Security beneficiaries under full retirement age can earn

Up to $18,240 in 2020 before losing $1 for every $2 earned over the limit.

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