Social Security checks featuring payments as high as $4,194 are set to be rolled out to seniors in four days.
On average, select recipients will receive payments of about $1,657, but the checks can theoretically go as high as $4,194, depending on one’s standing, according to the Social Security Administration. Payments are distributed in three segments each month, with the checks for Dec. 21 heading to recipients born on the 11th through the 20th of a month.
Precise payments are determined based on a slew of factors, such as one’s retirement date and how much one contributed to the program over time.
“You can begin getting Social Security retirement benefits as early as age 62,” according to the Social Security Administration. “But we will reduce your benefits by as much as 30% below what you would get if you waited to begin getting benefits until your full retirement age. If you wait until your full retirement age … you will get your full benefit.”
Next Wednesday’s payments will be the second batch for December, with the first having been doled out on Dec. 14 for recipients born between the first and the 10th of their birth months. The third set of payments will take place on Dec. 28 for seniors born on the 21st through the 31st of a month, per the SSA calendar for payments.
Retirees are poised to receive a benefit boost of $140 to $1,827 a month starting next January. An estimated 70 million recipients are enrolled in Social Security. The sizable payment bump is a response to red-hot inflation roiling the nation.
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Numerous estimates suggest that the Social Security fund could begin suffering from insolvency as early as 2034 unless action is taken by Congress to avert it.
Social Security payments are distinct from other payments from SSA, such as disability insurance or Supplemental Security Income, which are set to get distributed on Dec. 30.
