Some lawmakers have suggested raising the Social Security tax rate. Currently, that tax rate is 12.4% on wages up to a certain cap, split evenly between employers and employees (though self-employed people pay the entire 12.4%). Lawmakers could increase that tax rate, but that would clearly burden working Americans.

The first round of July’s Social Security payments, worth up to $5,108 for the highest-income earners who retire at age 70, will be distributed in six days.

Getting a handle on the average Social Security check by age can help you fine-tune your retirement plans. As of May 2025, about 55.5 million retired workers and family members received monthly benefits from the Social Security Administration (SSA),