The second round of January’s Social Security payments will be distributed tomorrow, with retirees who began benefits at age 70 receiving up to $5,108. The Social Security Administration organizes payments in three rounds each month based on beneficiaries’ birth dates. Retirees born between the 11th and 20th of a month will receive their checks on January 15.
Those born on or after the 21st will receive payments on January 22. Beneficiaries who were born between the 1st and 10th already received their payments on January 8. The amount of a beneficiary’s Social Security payment depends on several factors, such as retirement age, contributions paid into Social Security over the years, and the total number of years contributions were made.
Social Security payments schedule for January
The SSA notes that delaying retirement until age 70 can result in a monthly payment of up to $5,108, compared to a maximum of $2,831 for those who retire at 62. Beneficiaries can use the SSA’s online calculator for a personalized estimate of their expected monthly payments.
U.S. citizens can begin receiving Social Security payments at age 62. The program is financed by payroll taxes paid by both employers and employees. However, analysts caution that without Congressional action, the SSA may only be able to issue partial benefits by 2034 due to an increasing number of retirees and a shrinking workforce contributing to the system.
Stay tuned to reliable sources for the latest information and updates on Social Security and other financial news.
