Retirees born on or after the 21st of a month will receive their payments on March 26.
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.
Starting at 62 years old, citizens are eligible for Social Security payments. However, the age of retirement, the amount paid into Social Security, and the number of years paid into Social Security all factor into how much beneficiaries may receive in the program.
Payments largely depend on a recipient’s 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.
FEDERAL WORKERS ORDERED TO RETURN TO WORK TO FIND THEMSELVES OFFICELESS
Social Security is financed by a payroll tax paid by both 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.
