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 in just two days. When does the check arrive? Social Security payments usually begin on the second Wednesday of every month,

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.