Second round of January Social Security payments goes out in five days
The second round of January Social Security payments, capped at $5,108, will be issued in five days.Recipients born between the 11th and 20th of a month will receive their payment on Jan. 21. The first round went out on jan. 14 for those born on or before the 10th, and a third round is scheduled for Jan. 28 for those born after the 21st.
Eligibility for Social Security retirement benefits begins at age 62.Payment amounts depend on factors such as retirement age,lifetime earnings,and years of contributions: a retiree claiming at 62 could receive up to about $2,831 per month,while a 70-year-old could receive up to $5,108. Beneficiaries can get personalized estimates via the Social Security Governance’s online calculator.
Social Security is financed by payroll taxes paid by employers and employees. Analysts warn that, without congressional action, the program may not be able to pay full benefits indefinitely-projected shortfalls could begin as early as 2034.
Second round of January Social Security payments goes out in five days
The second round of January 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 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, 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?
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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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