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 in just three days.
The highest paycheck retirees can receive will be worth $4,194, according to the Social Security Administration. But the rates retirees receive depend on the age of retirement. For example, someone who retired at the age of 70 could receive the full $4,194, while someone who retired at 62 could receive a maximum of $2,364.
The first round of checks for retirees will be sent on Dec. 14.
“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 second wave of checks will be sent out one week later, on the third Wednesday of each month, for those born on the 11th through 20th of their birth months. This month’s payment is set to be sent to that group on Dec. 21.
The third and final wave of payments will be sent out on the fourth Wednesday of the month, with the money being sent on Dec. 28, for those born on the 21st through 31st of their birth months, according to the Social Security Administration.
Recipients will receive even larger checks next year due to inflation. The average recipient currently receives $1,681, which will rise by $146 to $1,827 a month in January. The last time Social Security saw a dramatic increase was in 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. SSI payments are set to be paid out to eligible recipients on Dec. 30.