Select Social Security beneficiaries are set to receive their regular monthly payment, worth an average of $1,546, in five days.
Recipients of regular Social Security payments who were born from the first through the 10th of their birth month will receive their monthly payments on Oct. 12, per the Social Security Administration.
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Retired workers can earn payments as high as $1,672 a month depending on income level, while nondisabled widows or widowers can receive as much as $1,564 in survivor benefits, per estimates by the SSA.
Social Security benefit payments range from $377.35 to $1,672, depending on the status of the recipient.
Regular Social Security payments differ from other payments distributed by the SSA, such as disability insurance or Supplemental Security Income. The next payment of Supplemental Security Income is set to be paid out on Nov. 1.
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Social Security payments are calculated based on a person’s earnings throughout his or her lifetime. The payments have no limits based on income or resources.
Some analysts are estimating Social Security insolvency will occur in 2034 unless action is taken by Congress.
