First round of December Social Security goes out in five days
The first round of December Social Security payments, capped at $5,108, will be issued in five days.Retirees born on or before the 10th of a month will receive their payments on December 10. Subsequent payments go out on December 17 for those born between the 11th and 20th, and on December 24 for retirees born on or after the 21st. Eligibility for Social Security payments begins at age 62. The payment amount depends on factors such as the age at retirement, the amount and number of years contributed to Social Security. For example, retiring at 62 may yield up to $2,831 per month, while retiring at age 70 could provide up to $5,108 per month. Benefits are funded through payroll taxes from employers and employees. However, analysts warn that unless Congress acts, the Social Security Management may be unable to pay full benefits as early as 2034 due to demographic shifts.
First round of December Social Security payments goes out in five days
The first round of December Social Security payments for retirees, now capped at $5,108, will be issued in five days.
When will payments arrive?
Retirees born on or before the 10th of a month will receive this payment on Dec. 10.
The second round of payments will go out on Dec. 17 for retirees born between the 11th and 20th of a month, and the third round will follow on Dec. 24 for retirees born on or after the 21st.
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, could receive up to $2,831 per month, while a 70-year-old retiree could receive up to $5,108 per month, according to the Social Security Administration.
Beneficiaries can see a personalized estimate of how much they could expect each month through the SSA’s calculator.
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How is it financed?
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 that 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.
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