There is only one day left before millions of Social Security beneficiaries receive a direct payment worth an average of $1,681.
This payment, intended for retirees, will be sent in three waves, with people who have their birthdays between the 1st and the 10th of a month getting paid first on Dec. 14. Payments for retirees always begin on the second Wednesday of a month, with later payments being sent on the following Wednesdays, according to the Social Security Administration.
“You can begin getting Social Security retirement benefits as early as age 62,” the SSA says on its website. “But we will reduce your benefits by as much as 30% below what you would get if you waited to begin getting benefits until your full retirement age. If you wait until your full retirement age … you will get your full benefit.”
The highest paycheck retirees can receive will be worth $4,194, though the rates retirees receive depend on the age of retirement. If someone retired at the age of 70, they could receive the full payment of $4,194, while someone who retired at 62 could only receive a maximum payment of $2,364.
People who have their birthday somewhere between the 11th and 20th of a month will be next in line for this payment, which they will receive on Dec. 21. The final Social Security payment will be given on Dec. 28, which is intended for people who have their birthday between the 21st and 31st of a month, according to the SSA.
Recipients of Social Security payments are set to receive even larger checks next year due to inflation. The average recipient currently receives $1,681, which will rise by 8.7%, roughly $146, to increase payments to $1,827 a month beginning in January. The increase marks the highest increase in Social Security payments since 1981, when the cost of living adjustment was 11.2%.
Regular Social Security checks differ from other payments distributed by the agency, such as disability insurance or Supplemental Security Income, the latter of which are set to be paid out to eligible recipients on Dec. 30.