Social Security update: First direct monthly payment of 2023 worth up to $4,194 arriving in nine days
Asher Notheis
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The new year has begun, and in a little more than a week, so will Social Security payments for 2023.
The Social Security Administration’s payments being issued on Jan. 11 will be given to recipients born between the 1st and 10th of a month. The SSA’s retirement benefits it pays to recipients every month always begin on the second Wednesday of a month and are issued to recipients in waves of three, according to the administration’s calendar.
The exact amount recipients will receive from these checks will vary based on several factors, including when a recipient chooses to retire and start receiving Social Security benefits. To receive the highest payment of $4,194, a person must have retired at 70. Those who retired at 67 receive a maximum check of $3,345, and anyone who retired at 62 only gets up to $2,364 per month, according to the SSA.
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Payments for other recipients will be issued in the weeks following Jan. 11, with recipients whose birthdays fall between the 11th and 20th of a month getting paid on Jan. 18. The last retirement payments will be made on Jan. 25 and will be for people whose birthdays fall within the 21st and 31st of a month.
Regular Social Security payments are based on earnings that a person makes throughout their lifetime and do not have any limits based on income or resources. The 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 of last year, and will have its next payment on Feb. 1.
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Analysts estimate that unless action is taken by Congress, Social Security insolvency may occur as early as 2034. This insolvency would be caused by 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.