Social Security update: Direct monthly $1,681 payment to be sent out to millions today

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The likeness of Benjamin Franklin is seen on U.S. $100 bills, Thursday, July 14, 2022, in Marple Township, Pennsylvania. (AP Photo/Matt Slocum) Matt Slocum/AP

Social Security update: Direct monthly $1,681 payment to be sent out to millions today

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Millions of Social Security beneficiaries whose birthdays fall between the 1st and 10th of each month will receive direct payments worth an average of $1,681 on Wednesday.

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.

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“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.”

People who have their birthday somewhere between the 11th and 20th of a month will receive this payment next week 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.

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, he or she could receive the full payment of $4,194, while someone who retired at 62, the earliest retirement age to receive Social Security benefits, could only receive a maximum payment of $2,364, according to the SSA.

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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.

© 2022 Washington Examiner

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