Social Security update: Direct monthly $1,681 payments to be sent out in just nine days

Social Security Medicare
A Social Security card is displayed on Oct. 12, 2021, in Tigard, Oregon. (AP Photo/Jenny Kane, File)

Social Security update: Direct monthly $1,681 payments to be sent out in just nine days

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Social Security beneficiaries will receive their next monthly retirement checks, which are worth an average of $1,681 per payment, in nine days.

People who receive Social Security payments and were born from the first through the 10th of their birth month are set to receive their regular checks on Dec. 14, while those who have birth dates from the 11th through 31st of any month are set to receive their checks later in December.

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The monthly retirement benefits are paid to beneficiaries in three waves, with all occurring on Wednesdays. The waves of payments are divided by the birthdays of the recipients.

The second wave of checks is always sent out on the third Wednesday of each month to those born on the 11th through 20th of their birth months, with this month’s payment set to be sent to that group on Dec. 21. The third wave of payments will be sent out on the fourth Wednesday of this month, Dec. 28, for those born on the 21st through 31st of their birth months, per the Social Security Administration.

These Social Security payments are based on earnings throughout a person’s lifetime and have no limits based on income or resources. The average payment for retirees is approximately $1,631, as of October, per 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. SSI payments are set to be paid out to eligible recipients on Dec. 30.

Analysts predict that Social Security insolvency may occur as early as 2034 unless action is taken by Congress to prevent it.

© 2022 Washington Examiner

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