Millions of retired seniors received their December Social Security payments, worth up to $4,555, Wednesday.
Retirees born between the 1st and 10th of a month received their payment on Dec. 13. Beneficiaries born between the 11th and 20th of a month get their checks on Wednesday, and retirees born on or after the 21st of a month will receive their payments in one week.
Social Security payments begin on the second Wednesday of every month, and the following waves go out the following weeks.
The age of recipients at the time of retirement, the amount paid into Social Security, and the number of years paid into Social Security all affect the maximum payment retirees receive.
Beneficiaries can see a personalized estimate of what they can expect each month through the Social Security Administration’s calculator.
Payments largely rely on what age recipients chose to retire at. Retiring at the youngest age of 62 allows up to $2,572 per month, while delaying to 70 can allot up to $4,555 per month, according to the SSA.
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Monthly payments will rise by 3.2% in 2024 as part of the program’s annual adjustments based on inflation, the SSA announced in October. The increase will be the same percentage for all payments the administration sends.
Those totals sent out will shrink unless Congress takes some action to prevent it. Analysts estimate that 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.
