Social Security Update: Seniors will begin receiving their Social Security checks in four days, with payments as high as $4,194.
According to the Social Security Administration, selected recipients will typically receive payments of about $1,657, but checks could theoretically be as high as $4,194 depending on one’s status.
The checks for December 21 will be sent to beneficiaries born on the 11th through the 20th of the month. Payments are made in three installments each month.
Precise payments are calculated based on a variety of variables, including the participant’s retirement date and cumulative contribution amount.
According to the Social Security Administration, you can receive Social Security retirement benefits as early as age 62. “However, we will cut your benefits by as much as 30% compared to what they would have been had you waited to start receiving them until you reached full retirement age. You will receive your full benefit if you wait until you reach full retirement age.”
The payments that will be distributed next Wednesday will be the second batch for the month of December; the first batch was given out on December 14 to recipients who were born between the first and the tenth of that month. According to the SSA calendar, the third round of payments will be made on December 28 to seniors born on the 21st through the 31st of the month.
Starting in January of next year, retirees will likely see an increase in their monthly benefits of $140 to $1,827. There are reportedly 70 million Social Security beneficiaries. The significant payment increase is a reaction to the nation’s raging inflation.
According to numerous projections, if Congress does nothing to prevent it, the Social Security fund could start experiencing insolvency as early as 2034.
Social Security benefits are different from other SSA payments, like Supplemental Security Income and disability insurance, which will be distributed on December 30.