Social Security update: In eleven days, the initial cohort of senior citizens who have retired will be granted their initial Social Security disbursements of the year. For high-earners who retire at age 70, these payments may amount to $4,873.
The payments will be distributed to retirees born between the 1st and 10th of each month on Wednesday, January 10. The compensation will be disbursed to individuals born on or after the eleventh day of each month in one of the two subsequent disbursements, specifically on January 24th or January 17th.
Social Security payments begin on the second Wednesday of each month, and subsequent installments are disbursed on the third and fourth Wednesdays thereafter.
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.
The Social Security Administration provides a calculator that beneficiaries can use to estimate their monthly payment.
Uncertain is the long-term trajectory of Social Security. Analysts predict that, in 2034, the SSA won’t be able to pay recipients in full due to a rising retiree population and a declining labor force if Congress does nothing to address the issue.
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