Third round of January Social Security payments goes out in three days – Washington Examiner
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Third round of January Social Security payments goes out in three days
The third round of January’s Social Security payments, worth up to $5,108 for the highest-income earners who retire at age 70, will go out to the third group of retirees in three days.
Retirees born on or after the 21st of a month will receive their payments on Jan. 22.
Social Security payments typically begin on the second Wednesday of every month, and the following waves go out in the subsequent weeks. The distribution of payments depends on which day of the month a retiree was born.
Retirees born between the first and 10th of a month received their payments on Wednesday, Jan. 8, and beneficiaries born between the 11th and 20th of a month received their checks on Jan. 15.
The time of retirement, the amount paid into Social Security, and the number of years paid into Social Security all affect how much beneficiaries receive in the program.
Payments largely depend on the recipients’ retirement age. Retiring at the youngest age, 62, allows up to $2,831 per month, while delaying retirement until age 70 can allot up to $5,108 per month, according to the Social Security Administration.
Beneficiaries can see a personalized estimate of how much they can expect each month through the SSA’s calculator.
Social Security is financed by a payroll tax paid by employers and employees.
Social Security payment amounts are set to shrink unless Congress takes action to prevent it. Analysts estimate the SSA will no longer be able to give out full payments to recipients as early as 2034 due to a rising number of retirees and a shrinking number of workers.
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