Social Security update: Five days until second round of January payment worth up to $4,194 arrives
Asher Notheis
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The second wave of Social Security retirement payments, worth up to $4,194, is set to be issued to recipients in only five days.
The exact amount that recipients will receive from these checks will vary based on several factors, such as 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. Meanwhile, recipients who have retired at 67 will receive a maximum check of $3,345, and anyone who retired at 62 will get up to $2,364 per month, according to the Social Security Administration.
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The retirement benefits from the SSA are issued to recipients in waves of three and are always issued beginning on the second Wednesday of a month, concluding with a third and final payment on the fourth Wednesday of that month. Payments scheduled to go out on Jan. 18 will be for recipients born between the 11th and 20th of a month, according to the administration’s calendar.
The first round of payments was already issued on Jan. 11, the second Wednesday of January, and was for recipients born between the 1st and 10th of a month. The final round of payments for this month will be on Jan. 25 and will be for recipients whose birthdays fall between the 21st and 31st of a month.
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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. 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, 2022, and is scheduled to have its next payment on Feb. 1.
Analysts estimate that unless action is taken by Congress, Social Security insolvency may occur as early as 2034. One reason for the looming insolvency crisis is that more people are living longer due to advancements in science and medicine, which allows them to take part in Social Security benefits longer than expected. The number of people working and paying taxes to support these benefits is also gradually decreasing, according to the Committee for a Responsible Federal Budget.