Social Security update: Direct monthly payment worth up to $4,194 arriving for millions

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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 payment worth up to $4,194 arriving for millions

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The day has come for Social Security beneficiary recipients to receive this month’s retirement payment worth up to $4,194.

The monthly retirement benefits that the Social Security Administration pays to its recipients are scheduled in waves of three, with payments always starting on the second Wednesday of a month and getting issued weekly after that. The payments being issued on Wednesday mark the second payment from the SSA this month and are intended for Social Security recipients born on the 11th through 20th of a month, according to the SSA’s calendar.

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The amount that recipients receive from these checks will vary based on several factors, such as when a recipient chooses to retire and start receiving Social Security benefits. In order to receive the highest payment of $4,194, a person must have retired at 70, while those who retired at 67 receive less, with a maximum check of $3,345, and anyone who retired at 62 is only able to get as much as $2,364 per month, according to the SSA.

The first December payment by the SSA was made on Dec. 14 and intended for people whose birthday falls between the 1st and 10th of a month. Next week, the third and final payment will be made on Dec. 28, with this one being for recipients whose birthday falls between the 21st and 31st of a month.

Regular Social Security payments are based on earnings that a person 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 is set to be paid on Dec. 30.

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Analysts estimate that unless action is taken by Congress, Social Security insolvency may occur as early as 2034. This insolvency would be caused by more people living longer thanks to the advancement of science and medication, allowing them to take part in Social Security benefits. In addition, the number of people working and paying taxes to support these benefits is gradually decreasing, according to the Committee for a Responsible Federal Budget.

© 2022 Washington Examiner

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