Second round of December Social Security goes out in four days
The second round of December Social Security payments, capped at $5,108, will be issued in four days to retirees born between the 11th and 20th of a month, specifically on December 17. The frist round went out on December 10 for those born on or before the 10th, and the third round is scheduled for December 24 for retirees born on or after the 21st. Eligible citizens must be at least 62 years old to receive Social Security benefits. The payment amount depends on factors such as retirement age, contributions made, and years paid into the system. For exmaple, retiring at 62 could yield up to $2,831 per month, while retiring at 70 could increase the benefit to $5,108 per month. Payments are funded through payroll taxes paid by employers and employees. However, unless Congress acts, payments may decrease because of demographic shifts, with full payments perhaps unsustainable as early as 2034 due to more retirees and fewer workers.
Second round of December Social Security payments goes out in four days
The second round of December Social Security payments for retirees, now capped at $5,108, will be issued in four days.
When will payments arrive?
Retirees born between the 11th and 20th of a month will receive this payment on Dec. 17.
The first round of payments went out on Dec. 10 to recipients born on or before the 10th 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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