Social Security Update: There are only five days left until some Social Security beneficiaries start receiving their up to $4,194 per month retirement payments.
The Social Security Administration begins disbursing recipients’ retirement benefits in waves of three on the second Wednesday of each month. The Social Security Administration (SSA) will be sending out payments on December 21 for the second time this month. These payments are for Social Security recipients born between the 11th and 20th of the month.
On December 14, the first batch of payments—which went to those who were born on the first through a tenth of their birth month—was distributed to each recipient. According to the SSA calendar, the recipients of the third and final wave of checks this month, which will be issued on December 28, will be people who were born on the 21st through the 31st of a given month.
The amount of these checks that recipients receive will vary depending on a number of variables. A person must have retired at age 70 to be eligible for the maximum check of $4,194, $3,345 for those who retired at age 67, and $2,364 per month for those who retired at age 62.
Regular Social Security benefits are based on earnings made over the course of a person’s lifetime and are not subject to resource or income restrictions. Other payments made by the organization, such as disability insurance or Supplemental Security Income, the latter of which is scheduled to be paid to beneficiaries on December 30, are different from these checks.
Analysts predict that if Congress doesn’t take action to stop it, Social Security insolvency could happen as early as 2034. According to the Committee for a Responsible Federal Budget, as science and medicine improve, people are living longer and relying more on Social Security benefits, while the number of people working and contributing to the cost of those benefits is gradually declining.