Social Security update: Direct payments worth $1,631 to be sent out to millions in 14 days
Jack Birle
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Millions of Social Security beneficiaries are set to get their monthly retirement payments, worth an average of $1,631 per check, in only 14 days.
Social Security recipients born from the 1st through the 10th of their birth months will receive their regular checks on Dec. 14, with those who have birth dates from the 11th through the 31st of a month set to receive their monthly checks later in December.
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The monthly retirement benefits are paid to beneficiaries in three waves, with all three occurring on Wednesdays. The waves of payments are divided by the birthdays of the recipients.
The second wave of payments is always sent out on the third Wednesday of each month to those born on the 11th through 20th of their birth months, with this month’s payment set to be sent to that group on Dec. 21. The third wave of checks will be sent out on the fourth Wednesday of this month, Dec. 28, for those born on the 21st through 31st of their birth months, according to the SSA.
Regular Social Security payments are based on earnings throughout a person’s lifetime and have no limits based on income or resources. The average payment for retirees is approximately $1,631, as of October per the SSA.
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These checks differ from other payments distributed by the agency, such as disability insurance or Supplemental Security Income. The latter check is set to be paid out to eligible beneficiaries next on Dec. 1.
Some analysts predict that Social Security insolvency may occur as early as 2034 unless action is taken by Congress to prevent it from occurring.