In only three days, the first Social Security retirement payments of 2023, worth up to $4,194, are scheduled to be sent to recipients.
The exact amount of money recipients will receive from these checks will vary based on several factors, such as when a recipient chose to retire and start receiving Social Security benefits. A person must have retired when they were 70 to receive the highest payment of $4,194. Meanwhile, 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 per month, according to the Social Security Administration.
The retirement benefits from the SSA, which are issued to recipients in waves of three, will always begin being sent out on the second Wednesday of a month, concluding on the fourth Wednesday of that month with the third payment. The payments scheduled to go out on Jan. 11 will be for recipients born between the 1st and 10th of a month, according to the administration’s calendar.
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The subsequent retirement payments going out this month will be given to recipients on the following Wednesdays. People whose birthdays fall between the 11th and 20th of a month receive payment on Jan. 18, and recipients whose birthdays fall within the 21st and 31st of a month will be paid last on Jan. 25.
Regular Social Security payments are based on earnings that a person makes throughout their 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, the latter of which already had its January payments on Dec. 30, 2022, and is scheduled to have its next payment on Feb. 1.
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Analysts estimate that Social Security insolvency may occur as early as 2034 unless Congress takes action. One reason for the looming insolvency crisis is more people living longer thanks to the 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.
