In just over a week, Social Security retirement payments worth up to $4,194 will be paid to recipients.
The specific amount recipients will receive from these checks will vary based on several factors, including when a recipient chose to retire and start receiving Social Security benefits. A person must have retired at 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 Social Security Administration.
The SSA’s payments scheduled to go out on Jan. 11 will be given 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 a month and are issued to recipients in waves of three, according to the administration’s calendar.
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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.
Other recipients will receive their payments later on this month, with people whose birthdays fall between the 11th and 20th of a month getting paid on Jan. 18. The last retirement payments will be made on Jan. 25 and will be for recipients whose birthdays fall within the 21st and 31st of a month.
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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.
