First round of December Social Security payments goes out in three days
The frist round of December Social Security payments will be issued in three days, with the current maximum benefit capped at $5,108. Retirees born on or before December 10 will receive their payments on December 10. Those born between the 11th and 20th will be paid on December 17, and retirees born on or after the 21st will receive payments on December 24.
Eligibility for Social Security benefits begins at age 62.The amount of the monthly payment depends on factors such as the age at retirement, the amount contributed to Social Security, and the number of years contributions were made. For example, retirees who begin receiving benefits at 62 may get up to $2,831 per month, while those who wait until age 70 can receive up to $5,108 per month. Beneficiaries can use the Social Security Administration’s online calculator to estimate their expected benefits.
Social Security is funded through payroll taxes collected from employers and employees. However, financial concerns exist as the Social Security Administration is projected to lack sufficient funds to pay full benefits as early as 2034, due to demographic changes including an increasing number of retirees and fewer working contributors, unless Congress intervenes.
First round of December Social Security payments goes out in three days
The first round of December Social Security payments for retirees, now capped at $5,108, will be issued in three 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, 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 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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