Select recipients of regular Social Security payments are set to receive their monthly checks worth an average of $1,546 per payment in two days.
Social Security beneficiaries born from the 1st through the 10th of the month will receive their regular check on Oct. 12, per the Social Security Administration. Those who have birth dates after the 10th will receive their checks later in the month.
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The methodology for Social Security payments is based on earnings throughout a person’s lifetime and has no limit based on income or resources.
Regular Social Security benefit checks range from $377.35 to $1,672, depending on the standing of the recipient. Nondisabled widows or widowers can receive as much as $1,564 in survivor benefits, and retired workers can earn payments as high as $1,672 a month depending on income level, according to the SSA.
The regular Social Security payment differs from other payments from the SSA, such as disability insurance or Supplemental Security Income, the latter set to be next paid out on Nov. 1.
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Analysts estimate Social Security insolvency may occur as early as 2034 unless action is taken by Congress to avert the pending failure of the system.
