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

TThe third and final round of Social Security retirement payments worth up to $4,194 is scheduled for recipients in three days.

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.

This payment, scheduled for Wednesday, will go to recipients born between the 21st and 31st of a month.

SSA 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 first round of payments for these recipients began on January 11 and was sent to people born between the 1st and 10th of a month. January’s second round of payments was made on January 18 and was for recipients whose birthdays fall between the 11th and 20th of a month.

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 its January payments on December 30 2022 and is scheduled to have its next payment in February. . 1.

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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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