Social Security update: First payments for February worth up to $4,194 arriving in two days
Brady Knox
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The first Social Security payments for the month of February, worth up to $4,194, will begin arriving in two days.
The retirement benefits are issued in waves of three, and people receive them depending on when they were born. The first round of payments, for those born between the 1st and 10th of a month, will be issued on the second Wednesday of the month, Feb. 8, according to the Social Security Administration’s calendar.
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The next two waves will go out on subsequent Wednesdays; the 15th and 22nd. Those born between the 11th and 20th of a month will receive their benefits on the 15th, while those born between the 21st and 31st of a month will receive theirs on the 22nd.
The amount recipients get is determined by when they retired; those that waited longer receive more than those who retired earlier.
The highest amount is received by those who retired at 70. They get checks of $4,194. Those who retired eight years earlier, at 62, get only a $2,364 maximum. However, those who retire at 70 in 2023 are guaranteed a greater share, receiving a maximum of $4,555, according to the SSA.
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Those totals will shrink come 2034, unless Congress takes some action to prevent it. Analysts estimate that the SSA will no longer be able to give out full payments to recipients as early as 2034 due to a rising number of retirees and a shrinking number of workers.