Social Security update: Second round of January’s monthly payment worth up to $4,194 arriving in four days
Asher Notheis
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The second wave of Social Security retirement payments worth up to $4,194 is scheduled to go out to recipients in four days.
The Jan. 18 payment is 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, according to the administration’s calendar.
The amount recipients 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 they were 70 to receive the highest payment of $4,194. Recipients who retired at 67 will receive a maximum check of $3,345, and anyone who retired at 62 will receive up to $2,364 per month, according to the SSA.
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The first batch of payments was already issued on Jan. 11 and was for recipients born between the 1st and 10th of a month. The final round of payments for the month of January will be on Jan. 25, and it will be for recipients whose birthdays fall between the 21st and 31st of a month.
Regular Social Security payments are based on earnings that a recipient makes throughout their 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, the latter of which already had its January payments on Dec. 30 and is scheduled to have its next payment on Feb. 1.
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Analysts estimate that unless Congress takes action, Social Security insolvency may occur as early as 2034. One reason for the looming insolvency crisis is more people 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.