Third round of January Social Security payments goes out today
The third round of January Social Security payments is being issued today,Jan. 28, to retirees born on or after the 21st of a month. Monthly benefits are capped at $5,108 for those who delay retirement to age 70; a retiree claiming at 62 could receive up to $2,831.Earlier january payments went out Jan. 14 for those born on or before the 10th and Jan. 21 for those born between the 11th and 20th. citizens become eligible for retirement benefits at age 62, and payment amounts depend on retirement age, lifetime earnings and years of contributions. Social Security is financed by payroll taxes, but analysts warn the program may be unable to pay full benefits as early as 2034 unless Congress acts.
Third round of January Social Security payments goes out today
The third round of January Social Security payments for retirees, now capped at $5,108, will be issued today.
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.
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 workforce.
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