On Wednesday, many Social Security beneficiary recipients will receive this month’s retirement payment worth up to $4,194 from the Social Security Administration.
The monthly retirement benefits from the Social Security Administration are paid to recipients in waves of three, beginning on the second Wednesday of a month. The payments being issued on Dec. 21, the third Wednesday of December 2022, will mark the second payment from the SSA this month and are intended for Social Security recipients born on the 11th through 20th of a month, according to the SSA’s calendar.
The SSA’s first retirement payment to recipients this month was made on Dec. 14 and was intended for people whose birthday falls between the 1st and 10th of a month. The third and final payment will be made next week on Dec. 28, with this one being for recipients whose birthday falls between the 21st and 31st of a month.
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The amount that recipients will receive from these checks will depend on several factors, such as when a recipient chooses to retire and receive Social Security benefits. For the highest payment of $4,194, a person must have retired at 70, while those who retired at 67 can receive a little less, with a maximum check of $3,345, and anyone who retired at 62 is only able to get as much as $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 is set to be paid on Dec. 30.
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Analysts estimate Social Security insolvency may occur as early as 2034 unless action is taken by Congress to prevent it. Due to people living longer as science and medication advance, a larger number of people are taking part in Social Security benefits, while the number of people working and paying taxes to support said benefits is gradually going down, according to the Committee for a Responsible Federal Budget.
