According to Social Security Administration, the amounts that the recipients will receive from the checks will vary based on different factors, including the date when a recipient chose to retire and start receiving Social Security benefits. At 70, a person must have retired to receive the highest payment of $4,194.
In the meantime, recipients who retire at 67 will receive a maximum check of $3,345 and anyone who retired at 62 will get up to $2,364 per month.
January 11 is the schedule of the SSA’s payment and will be given to the recipients born between the 1st and 10th of a month. According to the administration’s calendar, the retirement benefits the SSA pays to recipients every month always begin on the second Wednesday of the month and are issued to recipients in waves of three.
The Regular Social Security payment is based on the income that a person makes throughout their lifetime and doesn’t have limits based on income or resources. Retirement payments from the SSA differ from the other payments distributed by the agency, such as disability insurance or Supplemental Security Income, some of which already had their January payment last December 30, 2022, and will have their next payment on February 1.
People whose birthdays fall between the 11th and 20th of a month will receive their payments later this month and get paid on January 25 will be recipients whose birthdays fall between the 21st and 31st of a month.
Unless action is taken by Congress, Social Security insolvency may occur as early as 2034, analyst estimate. This insolvency would be caused by more people living longer because of advancements in science and technology.
According to the Committee for a Responsible Federal Budget, the number of people working and paying taxes to support these benefits is gradually decreasing.