Second round of December Social Security payments goes out in five days
The second round of December Social Security payments, capped at $5,108, will be distributed in five days. Retirees born between the 11th and 20th of the month will receive their payments on December 17. The first round was issued 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.Eligibility for Social Security payments begins at age 62, wiht payment amounts depending on factors such as retirement age, contributions made, and years of work. For example, retirees starting at 62 may receive up to $2,831 per month, while those retiring at 70 can receive up to $5,108 monthly. Social Security is funded through payroll taxes paid by employers and employees. However, unless Congress intervenes, payments are expected to decrease in the future, with full payments possibly becoming unsustainable as early as 2034 due to demographic shifts.
Second round of December Social Security payments goes out in five days
The second round of December Social Security payments for retirees, now capped at $5,108, will be issued in five 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, 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, can receive up to $2,831 per month, while a 70-year-old retiree can 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?
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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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