Social Security update: Maximum monthly payment of $4,194 to arrive in just seven days
Asher Notheis
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Select Social Security beneficiary recipients will receive their monthly retirement payments worth up to $4,194 in a week from Wednesday.
The specific amount recipients receive from these checks will depend on several factors. To get the maximum payment of $4,194, a person must have retired at 70, while those who retired at 67 can receive a maximum check of $3,345, and anyone who retired at 62 is able to get as much as $2,364 per month, according to the Social Security Administration.
These retirement benefits are paid to recipients in waves of three, with all three occurring on Wednesdays. The payments being issued on Dec. 21 will mark the second wave of checks and are intended for Social Security recipients born on the 11th through 20th of a month.
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The first wave of checks was to be sent out on Dec. 14, as the second Wednesday of each month is always when the SSA begins issuing its Social Security checks. The first wave is intended for recipients born on the 1st through 10th of their birth months, while the third and final wave of monthly checks to be sent out this month will be for those born on the 21st through 31st of a month and will be sent on Dec. 28, according to the SSA calendar.
Regular Social Security payments are based on earnings throughout a person’s lifetime and have no limits based on income or resources. These checks are different from other payments distributed by the agency, such as disability insurance or Supplemental Security Income, the latter of which is set to be paid out to beneficiaries on Dec. 30.
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Analysts estimate Social Security insolvency may occur as early as 2034 unless action is taken by Congress to prevent it.