Social Security update: Ten days from now, the initial cohort of senior citizens who have retired will receive their January Social Security benefits, which can reach $4,873 for high-earners who retire at age 70.
Payments will be issued to retirees born between the 1st and 10th of each month on Wednesday, January 10. Those born on or after the eleventh of a given month will be reimbursed in one of the two disbursements that follow.
Social Security update: First round of January payments worth $4,873 goes out in 11 days
Payments for Social Security commence on the second Wednesday of each month, with subsequent installments being disbursed on the third and fourth Wednesdays thereafter. The dates of the remaining two January payments are January 17 and January 24.
The maximum benefit that retirees can receive depends on the number of years and the amount of Social Security contributions, the age of the recipients at retirement, and the amount paid into Social Security. However, disbursements are substantially contingent on the age of retirement of the recipients.
Utilizing a calculator that the Social Security Administration provides, beneficiaries can estimate their anticipated monthly payment.
Unless Congress takes action to prevent it, the totals paid out will decrease. Analysts project that beginning in 2034, the SSA will be unable to pay recipients in full due to the combination of an increasing retiree population and a decreasing labor force.
Social Security update: February direct payment worth $943 goes out in 33 days
