Third round of February Social Security payments goes out in six days
The article reports that the third round of February Social Security payments for retirees,capped at $5,108 per month,will be issued in six days. Payments are staggered by birth date: those born on or after the 21st will receive on February 25; the first round (February 11) went to recipients born on or before the 10th, and the second round (February 18) went to those born between the 11th and 20th.Eligibility begins at age 62, with monthly payments ranging from about $2,831 at 62 to $5,108 at age 70; recipients can use the SSA calculator for a personalized estimate. The payments are financed by payroll taxes paid by employers and workers. The piece also notes that, without congressional action, Social Security benefits could shrink in the future, with analysts warning the program may not be able to issue full payments as early as 2034 due to rising retirees and a shrinking workforce.
Third round of February Social Security payments goes out in six days
The third round of February Social Security payments for retirees, now capped at $5,108, will be issued in six days.
When will payments arrive?
Retirees born on or after the 21st of a month will receive this payment on Feb. 25.
The first round went out on Feb. 11 to recipients born on or before the 10th of a month, and the second round went out on Feb. 18 to those born between the 11th and 20th 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 could expect each month using the SSA’s calculator.
IN MUNICH, RUBIO BRINGS A PLAN, AND DEMOCRATS BRING A POSE
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 workforce.
" 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
