The first round of January Social Security payments for retirees, now capped at $5,108, will be issued in 20 days.
Retirees born on or before the 10th of a month will receive this payment on Jan. 14.
The second round of payments will be sent out on Jan. 21 to recipients born between the 11th and 20th of a month, followed by a third round on Jan. 28 to those born after the 21st of a month.
When am I eligible?
Citizens are eligible for Social Security payments beginning at 62 years old.
How can I maximize my check?
Social Security payment amounts are determined by several factors, including age of retirement, the amount paid into Social Security, and the number of years paid into Social Security.
Payments largely depend on a recipient’s retirement age. A beneficiary retiring at the youngest age, 62, can receive up to $2,831 per month, while a 70-year-old retiree can receive 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.
How is it financed?
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Social Security is financed by a payroll tax paid for by 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 issue full payments as early as 2034 due to a rising number of retirees and a shrinking number of workers.
