In just one day, claimants will get the third and last tranche of Social Security retirement benefits scheduled to be paid out in January.
For beneficiaries who were born between the 21st and the 31st of the month, the payout, valued up to $4,194, is slated to be given out on Wednesday. The payment is part of the Social Security Administration’s third cycle of payments, which are made based on the beneficiaries’ dates of birth and the administration’s calendar.
Each receiver will get a different amount of money depending on a number of criteria, such as when they decided to retire and began collecting Social Security payments.
The maximum sum of $4,194 will be paid to retirees who were 70 years of age or older, according to the SSA. Those who retired between the ages of 62 and 66 would earn up to $2,364 each month, while those who resigned between the ages of 67 and 69 will receive a maximum payment of $3,345.
People who were born between the first and tenth of the month received the first wave of January payments from the Social Security Administration on January 11. For beneficiaries whose birthdays fall between the 11th and 20th of a month, the second round started on January 18.
Since 1974, the SSI program has offered financial assistance to people who meet the requirements in order to help those with low incomes and resources. The amounts paid are determined on the recipient’s lifetime earnings.
Supplemental Security Income Program
The Supplemental Security Income program, which started sending payments on December 30, 2022, and is due to send its next payment on February 1st, is different from other payments provided by the SSA, such as disability insurance or retirement benefits.
Analysts predict that Social Security bankruptcy may happen as early as 2034 if Congress does nothing. The fact that more individuals are living longer than predicted because to medical and scientific developments is one factor contributing to the impending bankruptcy issue.
The Committee for a Responsible Federal Budget asserts that fewer individuals are working and contributing taxes to provide these benefits on a regular basis.
Other Reports, Monthly Payments
Beneficiaries of Supplemental Security Income will start receiving their $914 monthly benefits in less than a week.
The funds from this SSI payment, which will be distributed to beneficiaries in five days, will help individuals afford necessities like food and housing. According to the Social Security Administration (SSA), these payments are meant to assist old, blind, and crippled persons who have little or no income of their own.
On February 1, SSI-eligible couples will get their normal payout of $1,371 while individuals will receive their usual check of $914. Beginning early next month, $458 will be paid to essential individuals, or those who live with SSI recipients and provide them with the care they need.
The SSA typically distributes its SSI payment to participants on the first of the month. The agency issues a total of 12 payments every year. The payments for the first day of the month are given on the final business day of the preceding month, but, if that day falls on a weekend or holiday.