Social Security update: Second direct payment worth up to $4,555 for February arriving in five days
Asher Notheis
Video Embed
In only five days, the second round of the Social Security Administration’s retirement payments for February, worth up to $4,555, will be issued to recipients.
The retirement benefits from the SSA are issued to recipients in waves of three, with payments beginning on the second Wednesday of the month. This payment will be the second of these three payments and will be for recipients born between the 11th and 20th of a month, according to the SSA’s calendar.
STIMULUS 2023: SIX STATES SENDING OUT PAYMENTS WORTH UP TO $3,284 NEXT MONTH
The first retirement payment for this month was already made on Wednesday and was for recipients who were born between the 1st and 10th. The third and final payment, scheduled for Feb. 22, will be for recipients born between the 21st and 31st of a month.
The amount a recipient will receive from these payments will depend on when they chose 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 $4,555. Recipients who retired at 67 will receive a maximum check of $3,627, and anyone who retired at 62 will get up to $2,572, according to the SSA.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
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 issuing its next payment on March 1.
Analysts estimate that unless Congress takes action soon, Social Security’s insolvency may occur as early as 2034. One reason for the looming insolvency crisis is that more people are living longer thanks to 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.