Social Security update: Third round of January payments worth up to $4,194 coming in four days

TThe third and final round of Social Security retirement payments for January, worth up to $4,194, are scheduled for recipients on Wednesday.

This payment will go to beneficiaries born between the 21st and 31st of a month. Social Security Administration retirement benefits are issued to beneficiaries in waves of three. Payments begin on the second Wednesday of the month, according to the administration’s calendar.

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The amount recipients of these checks will receive will vary based on a number of factors, including when a recipient decided to retire and start receiving Social Security benefits. A person must have retired by age 70 to receive the higher payment of $4,194. Meanwhile, recipients who retired at age 67 will receive a maximum check of $3,345, and anyone who retired at age 62 will receive up to $2,364 a month, according to the SSA.

Payments to these recipients began on January 11 and were for people born between the 1st and 10th of a month. The second round of payments in January was on January 18th – these were for recipients whose birthdays fall between the 11th and 20th of a month.

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Regular Social Security payments are based on a beneficiary’s lifetime earnings and have no limits based on income or resources. These SSA retirement payments are different from other payments distributed by the agency, such as Disability Insurance or Supplemental Security Income, with the latter program already sending out January payments on 30 December 2022 and you are scheduled to send your next payment. on February 1

Analysts estimate that, unless Congress takes action, Social Security insolvency could occur as early as 2034. One reason for the looming insolvency crisis is that more people are living longer thanks to advances in science and medicine, which allow them to participate in Social Security benefits. longer than expected. In addition, the number of people working and paying taxes to support these benefits is gradually declining, according to the Committee for a Responsible Federal Budget.

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