The final round of the Social Security Administration’s retirement payments for February, worth up to $4,555, will be issued to recipients in two days.
The payments, which will be paid out Feb. 22, will go to people born between the 21st and 31st of the month. This is the last wave of payments for February. Each wave coincided with the 10-day block of the month that the person was born in. For example, the first round of payments was released on Feb. 8, and it went to people born between the 1st and 10th of the month.
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The amount recipients receive from these payments depends on when they chose to retire and start receiving Social Security benefits. The highest payment of $4,555 goes to people who retire at the age of 70. Recipients who retired at 67 will receive a maximum check of $3,627, and anyone who retired at 62 will get up to $2,572, according to the SSA.
Regular Social Security payments are based on earnings that a recipient makes throughout his or her lifetime and do not have any limits based on income or resources. The retirement payments from the SSA are different from other payments distributed by the agency, such as disability insurance or Supplemental Security Income.
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The amount of money retirees receive in social security is subject to change or even decrease if Congress does not figure out proper funding by 2034. This is because of a rising number of retirees and a shrinking number of workers.
Advancements in science and medication, allowing retirees to take part in Social Security benefits longer than expected, also play a role in the program’s funding problem.
