First round of January Social Security payments goes out today
The first round of January Social Security payments will be issued on Jan. 14 to retirees born on or before the 10th of a month; benefits are currently capped at $5,108. The second round goes out Jan. 21 to those born between the 11th and 20th, and the third on Jan. 28 for people born after the 21st.
Adults become eligible for retirement benefits starting at age 62. Monthly payments vary based on retirement age, lifetime earnings, and years of contributions: a retiree claiming at 62 could receive as much as about $2,831 per month, while a 70-year-old could receive up to $5,108. The SSA offers an online calculator for personalized benefit estimates.
Social security is funded by payroll taxes paid by employers and employees. Analysts warn the program faces financing shortfalls and could be unable to pay full benefits as early as 2034 unless Congress acts.
First round of January Social Security payments goes out today
The first round of January Social Security payments for retirees, now capped at $5,108, will be issued today.
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 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, 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 can expect each month through the SSA’s calculator.
How is it financed?
HAMAS VOWS TO DISSOLVE GAZA GOVERNMENT AFTER PALESTINIAN LEADERSHIP PANEL INSTALLED
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.
" Conservative News Daily does not always share or support the views and opinions expressed here; they are just those of the writer."
*As an Amazon Associate I earn from qualifying purchases
