Social Security Update: First February payments worth up to $4,194 arrive in 10 days

Tthere are 10 days left before recipients of Social Security retirement money begin receiving their monthly payment of up to $4,194 for the month of February.

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.

According to the Social Security Administration, recipients who retire at age 67 will receive a maximum check of $3,345, and anyone who retires at age 62 will receive up to $2,364.

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SSA retirement benefits are issued to beneficiaries in waves of three, with payments beginning on the second Wednesday of the month. The first payment, scheduled for February 8, will be for recipients born between the 1st and 10th of a month, according to the administration’s calendar.

Retirement payments for other beneficiaries will follow later in February. Recipients born between the 11th and 20th of a month will receive payment on February 15th, and those born between the 21st and 31st of a month on February 22nd.

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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 having sent its January payments on 30 of December 2022 and is scheduled to have its next payment this Wednesday.

Analysts estimate that unless Congress acts soon, 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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