Select recipients of Social Security retirement money only need to wait a little less than two weeks before they receive their monthly payment of up to $4,194 next month.
The retirement benefits from the Social Security Administration are issued to recipients in waves of three, with payments beginning on the second Wednesday of the month. The first payment, scheduled for Feb. 8, will be for recipients who were born between the 1st and 10th of a month, according to the administration's calendar.Retirement payments for other recipients will follow later on in February.
The amount that recipients will receive from these checks will vary based on several factors, including when a recipient chose to retire and start receiving Social Security benefits. A person must have retired when he or she was 70 to receive the highest payment of $4,194. Recipients who retired at 67 will receive a maximum check of $3,345, and anyone who retired at 62 will get up to $2,364, according to the SSA.
Analysts estimate that unless Congress takes action soon, Social Security insolvency may occur as early as 2034. One reason for the looming insolvency crisis is that more people are living longer thanks to advancements in science and medication, allowing them to take part in Social Security benefits longer than expected. In addition, the number of people working and paying taxes to support these benefits is gradually decreasing, according to the Committee for a Responsible Federal Budget.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Social Security update: Direct SSI payment worth $914 arriving in six daysSupplemental Security Income beneficiaries are set to receive their $914 monthly payments in just six days.
Read more »
Social Security update: Third round of January payments worth up to $4,194 arriving WednesdayThe third and final round of Social Security retirement payments slated to be distributed in January is set to go out to recipients Wednesday.
Read more »
Social Security update: Direct SSI payment worth $914 to arrive in five daysIn less than a week, Supplemental Security Income beneficiaries will receive their monthly payments worth $914.
Read more »
Critics Rip 'MAGA Extremists' Over Plan to Hike Social Security Retirement Age to 70'Medicare and Social Security are non-negotiable,' responded Democratic Rep. Mark Pocan. 'Risking default or robbing seniors of hard-earned benefits are not options.'
Read more »
McCarthy agrees not to cut Medicare, Social Security in debt ceiling talks: reportKevin McCarthy reportedly agrees to leave cuts to Social Security and Medicare off the table in debt ceiling negotiations
Read more »
Opinion | Byron Donalds Schools Joy Reid on Social SecurityFrom WSJopinion: Liberals who resist reform of entitlements are paving the way for social unrest like we’ve seen in Europe, writes jasonrileywsj
Read more »