Second round of January Social Security goes out in two days
The second round of January Social Security retiree payments – capped at $5,108 for the maximum benefit – will be issued on Wednesday, Jan. 21 to beneficiaries born between the 11th and 20th of a month. The first round whent out on Jan. 14 to those born on or before the 10th, and a third round is scheduled for Jan. 28 for people born after the 21st. Citizens become eligible for retirement benefits beginning at age 62, and monthly payment amounts depend on factors such as retirement age, lifetime earnings, and years of contributions (younger retirees receive lower maximums; retiring at the earliest age tops out around $2,831, while a 70-year-old could reach $5,108).The program is financed by payroll taxes, and analysts warn the Social Security trust funds may be unable to pay full benefits as early as 2034 unless Congress acts.
Second round of January Social Security payments goes out in two days
The second 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 between the 11th and 20th of a month will receive this payment on Wednesday, Jan. 21.
The first round of payments went out on Jan. 14 to recipients born on or before the 10th of a month, and a third round will go out 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 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 workforce.
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