Third round of January Social Security payments goes out in one day
The third round of January Social Security payments will be issued on Wednesday, Jan. 28 to retirees born on or after the 21st of a month. Earlier rounds went out Jan.14 (for people born on or before the 10th) and Jan. 21 (for those born between the 11th and 20th). Monthly benefits depend on retirement age, earnings and years of contributions: a 62‑year‑old retiring now could receive up to about $2,831 per month, while a 70‑year‑old could get up to $5,108. Citizens become eligible for retirement benefits beginning at age 62. Social Security is financed by payroll taxes, and analysts warn the program could face shortfalls—potentially forcing reduced payments—as soon as 2034 unless Congress acts.
Third round of January Social Security payments goes out in one day
The third round of January Social Security payments for retirees, now capped at $5,108, will be issued in one day.
When will payments arrive?
Retirees born on or after the 21st of a month will receive this payment on Wednesday, Jan. 28.
The first round of payments went out on Jan. 14 to recipients born on or before the 10th of a month, and the second round went out on Jan. 21 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.
When am I eligible?
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 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 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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