Social Security update: Maximum monthly payment of $4,194 to arrive in just six days for millions
Asher Notheis
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Select Social Security beneficiary recipients only have to wait less than a week before they receive their monthly retirement payments worth up to $4,194.
The retirement benefits from the Social Security Administration are paid to recipients in waves of three, beginning on the second Wednesday of a month and subsequent payments on the following Wednesdays. The payments being issued on Dec. 21 are intended for Social Security recipients born on the 11th through 20th of a month, according to the SSA.
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The 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.
The first wave of checks was already sent out to select recipients on Dec. 14, the second Wednesday of December, and was intended for recipients born on the 1st through 10th of their birth months. The third and final wave of checks this month will be on Dec. 28 and are intended for recipients born on the 21st through 31st of a month, according to the SSA calendar.
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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 begin the 2023 schedule of paying beneficiaries on Dec. 30.
Analysts estimate Social Security insolvency may occur as early as 2034 unless action is taken by Congress to prevent it. Due to people living longer as science and medication advance, a larger number of people are taking part in Social Security benefits, while the number of people working and paying taxes to support said benefits is gradually going down, according to the Committee for a Responsible Federal Budget.