Third round of December Social Security payments goes out in two days
The third round of December Social Security payments for retirees, capped at $5,108, will be issued in two days. Recipients born on or after the 21st of a month will receive their payment on Wednesday, December 24. Earlier rounds were distributed on December 10 and December 17, based on birth dates. Eligibility for Social Security payments starts at age 62, with payment amounts depending on factors such as retirement age, total contributions, and years paid into the system. Younger retirees (at 62) may receive up to $2,831 monthly,while those retiring at 70 can receive up to $5,108. Payments are funded through payroll taxes from employers and employees. However, unless Congress acts, Social Security may face reduced payments starting around 2034 due to demographic and workforce changes.
Third round of December Social Security payments goes out in two days
The third round of December Social Security payments for retirees, now capped at $5,108, will be issued in two days.
When will payments arrive?
Retirees born on or after the 21st of a month will receive this payment on Wednesday, Dec. 24.
The first round of payments went out on Dec. 10 to recipients born on or before the 10th of the month, and the second round went out on Dec. 17 to recipients between the 11th and 20th.
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 view a personalized estimate of their monthly benefits 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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