The first Social Security retirement payments of the year worth up to $4,194 will be paid to recipients starting Wednesday.
The Social Security Administration’s payments are scheduled to go out on Jan. 11 and will be sent to recipients born between the 1st and 10th of a month. The retirement benefits the SSA pays to recipients every month always begin on the second Wednesday of the month, according to the administration’s calendar.
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The payments from the SSA are paid to recipients in waves of three, and some recipients get paid later in the month.
People whose birthdays fall between the 11th and 20th of a month will receive the payment on Jan. 18, and recipients whose birthdays fall between the 21st and 31st of a month will be paid last on Jan. 25.
The exact amount of money recipients will receive from these checks will vary based on several factors, including when a recipient chooses to retire and start receiving Social Security benefits.
A person must have retired when they were 70 to receive the highest payment of $4,194. Meanwhile, recipients who retired at 67 receive a maximum check of $3,345, and anyone who retired at 62 only gets up to $2,364 per month, according to the SSA.
Regular Social Security payments are based on earnings that a person makes throughout their lifetime and do not have any limits based on income or resources. The retirement payments from the SSA are different from other payments distributed by the agency, such as disability insurance or Supplemental Security Income, the latter of which already had its January payments on Dec. 30, 2022, and will have its next payment on Feb. 1.
Analysts estimate that unless action is taken by Congress, Social Security insolvency may occur as early as 2034. This insolvency would be caused by more people living longer thanks to the advancements in science and medication, allowing them to take part in Social Security benefits longer than expected. In addition, the number of people working and paying taxes to support these benefits is gradually decreasing, according to the Committee for a Responsible Federal Budget.