The Social Security Administration will begin issuing February's retirement payments, worth up to $4,194, to recipients starting next week.
The retirement benefits from the SSA 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 be issued on the following Wednesdays of February. Recipients who were born between the 11th and 20th of a month will receive their payment on Feb.
The amount a recipient will receive from these payments will depend on when they choose 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 for February arriving todayThe first Supplemental Security Income payments of 2023 are set to be paid out to recipients on Wednesday.
Read more »
$5.4 billion in covid aid may have gone to firms using suspect Social Security numbersBreaking news: The U.S. government may have awarded $5.4 billion in covid aid to businesses using potentially ineligible Social Security numbers, watchdog finds
Read more »
New Campaign Aims to Fight Off GOP Threat to Social Security and MedicareA coalition of progressive advocacy organizations on Monday urged every member of Congress to sign a pledge to 'never vote to cut Social Security or Medicare under any circumstances.'
Read more »
Sketchy Social Security Numbers Possibly Landed Billions in Covid AidThe U.S. government likely awarded more than $5 billion in emergency pandemic loans to applicants that used questionable and unverified Social Security numbers, a government watchdog said.
Read more »
$5.4 billion in Covid loans went to applicants using fishy Social Security numbersThe federal government awarded more than $5.4 billion in Covid loans to businesses with “questionable” Social Security numbers, according to an alert issued by the government’s Covid watchdog.
Read more »