Social Security update: Second direct payment worth up to $4,555 for February arriving in two days
Brady Knox
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Social Security payments for the month of February, worth up to $4,555, 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, was issued on the second Wednesday of the month, Feb. 8, according to the Social Security Administration’s calendar. The second round, for those born between the 11th and 20th of a month, will be sent out on Wednesday, Feb. 15.
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The final wave, for those born between the 21st and 31st of a month, will go out on Feb. 22.
The amount recipients get is determined by when they retired — those who wait longer receive more than those who retire earlier.
The highest amount is received by those who retired at 70. They get checks for $4,555. Those who retired eight years earlier, at 62, get only a $2,364 maximum, 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.