Social Security update: Second round of January’s payments worth up to $4,194 arriving Wednesday
Asher Notheis
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Recipients of Social Security retirement payments worth up to $4,194 will receive the second round of payments on Wednesday.
This payment will be for recipients who were born between the 11th and 20th of a month. The retirement benefits from the Social Security Administration are issued to recipients in waves of three, with the payments beginning on the second Wednesday of a month, according to the administration’s calendar.
A previous payment for these recipients was already issued on Jan. 11 and was for people born between the 1st and 10th of a month. The final round of Social Security payments for January will be on Jan. 25 and will be for recipients whose birthdays fall between the 21st and 31st of a month.
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The amount that recipients will receive from these checks will vary based on several factors, including when a recipient chooses to retire and start receiving Social Security benefits. A person must have retired when he or she was 70 to receive the highest payment of $4,194. Meanwhile, recipients who retired at 67 will receive a maximum check of $3,345, and anyone who retired at 62 will get up to $2,364 per month, according to the SSA.
Regular Social Security payments are based on earnings that a recipient makes throughout his or her lifetime and do not have any limits based on income or resources. These retirement payments from the SSA are different from other payments distributed by the agency, such as disability insurance or Supplemental Security Income, with the latter program already sending its January payments on Dec. 30, 2022, and scheduled to have its next payment on Feb. 1.
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Analysts estimate that unless action is taken by Congress, Social Security insolvency may occur as early as 2034. One reason for the looming insolvency crisis is more people are living longer thanks to the advancements in science and medication, allowing them to take part in Social Security benefits longer than expected. In addition, the number of people working and paying taxes to support these benefits is gradually decreasing, according to the Committee for a Responsible Federal Budget.