Second round of December Social Security goes out today
The second round of December social Security payments for retirees, capped at $5,108, is being issued today, December 17, for those born between the 11th and 20th of the month.The frist round was sent on December 10 to recipients born on or before the 10th, and the third round will go out on December 24 for retirees born on or after the 21st. Eligibility for Social Security benefits begins at age 62, and payment amounts depend on factors such as retirement age, amount paid into Social Security, and years of contributions. Retirees can recieve up to $2,831 monthly if they retire at the earliest age, while those retiring at 70 can get up to $5,108. Social Security is funded through payroll taxes paid by employers and employees, but unless Congress acts, payments may decrease, with full benefits potentially no longer lasting by 2034 due to demographic changes.
Second round of December Social Security payments goes out today
The second round of December Social Security payments for retirees, now capped at $5,108, will be issued today.
When will payments arrive?
Retirees born between the 11th and 20th of a month will receive this payment on Wednesday, 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 the 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.
ECONOMY ADDED 64,000 JOBS IN NOVEMBER: THE KEY FACTS AND FIGURES
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.
" 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
