First round of January Social Security goes out in two days
The first round of January Social Security payments, capped at $5,108 for 70‑year‑old retirees, will be issued on Wednesday, Jan. 14 to beneficiaries born on or before the 10th of a month. The second and third rounds are scheduled for Jan. 21 (birthdays the 11th-20th) and Jan. 28 (birthdays on or after the 21st). Citizens become eligible for retirement benefits starting at age 62; benefit amounts depend on retirement age, lifetime earnings, and years paid into Social Security-wiht maximum monthly payments around $2,831 for the earliest claimants and up to $5,108 at age 70. Social Security is financed by payroll taxes, and analysts warn the system could face shortfalls and may not be able to pay full benefits as early as 2034 without congressional action.
First round of January Social Security payments goes out in two days
The first round of January Social Security payments for retirees, now capped at $5,108, will be issued in two days.
When will payments arrive?
Retirees born on or before the 10th of a month will receive this payment on Wednesday, Jan. 14.
The second round of payments will be sent out on Jan. 21 to recipients born between the 11th and 20th of a month, followed by a third round on Jan. 28 to those born on or after the 21st of a month.
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 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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