Good News Running In
The very first Social Security payments for the month of February as such is worth up to $4,194 and has begun arriving starting from today. The retirement benefits are issued in waves of three, and the people receive them depending on when they were born per se. The first round of payments are for those who were born between the 1st and 10th of a month and will be thus issued on the second Wednesday of the month, according to the Social Security Administration’s calendar.
Starting from here, the next two waves will go out on subsequently for Wednesdays to start with; the 15th and 22nd this time. Those born between the 11th and 20th of a month will receive their benefits on the 15th of February, while those born between the 21st and 31st of a month will receive theirs on the 22nd of February.
Plenty Of Opportunity
The amount that the fellow recipients get is pre determined by when they had gotten retired; those that waited longer receive more than those who retired earlier in their particular job field. The highest amount is received by those workers who retired at 70. They get checks worth $4,194. Those who retired eight years earlier, at 62, get only a $2,364 maximum. However, those who retire at 70 in 2023 are guaranteed a greater share, receiving a maximum of $4,555, according to the SSA as of now.
Those totals will shrink come 2034, unless Congress takes some action in order to stop it from happening. Analysts estimate that the SSA will no longer be able to give out full payments to any of the recipients as early as 2034 due to a rising number of retirees and a shrinking number of workers.