The second round of July Social Security payments, worth up to $5,108 for the highest-income earners who retire at age 70, goes out to recipients this Wednesday. When does the check arrive? Social Security payments usually begin on the second Wednesday of every month,

Answer: Social Security was designed as insurance for those who could no longer work, and a retirement earnings test has been a part of the system from its creation in 1935. Back then, the test was all-or-nothing: Any earned income would preclude your getting a benefit.

However, the latest report by the Social Security Trustees makes it abundantly clear that benefit cuts may soon be on the table. In the coming years, Social Security won't collect enough payroll tax revenue to keep up with its financial obligations due to a shrinking workforce.

When you've spent four decades or more in the workforce, it's understandable to be drawn to the idea of claiming those monthly checks at 62.

The same approach could work again: thoughtful, phased reforms that maintain the program’s core protections. Ideas on the table include lifting the payroll tax cap (currently $176,100), gradually raising the 6.2% FICA rate, or making more forms of compensation subject to payroll taxes—similar to how TSP contributions are treated.

Should I collect Social Security at 62? Will I need to file for Medicaid at 65 and which parts? I have lifetime VA Healthcare. If I predecease my wife, is she entitled to survivor benefits if she is younger than 62?

The consolation prize retirees received from the One Big Beautiful Bill is arguably a bigger win than ending the tax on benefits.

With concerns over Social Security high, seniors may benefit by supplementing their income with one of these options.