Social security c:Many involving $4,194 in payouts are for seniors over four days.
On average, selected recipients will receive payments of about $1,657, but the checks could theoretically go as high as $4,194, depending on a person’s status, according to the Social Security Administration. Payments are distributed in three installments each month, with December 21st checks going to recipients born between the 11th and 20th of the month.
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The exact payouts are determined based on a number of factors, such as your retirement date and the amount you have invested in the plan over time.
“You can start receiving Social Security retirement benefits as early as age 62,” according to the Social Security Administration. “But we will reduce your benefits to 30% below what you would have received if you had waited to start receiving benefits until your full retirement age.
Next Wednesday’s payments will be the second installment for December, with the first installment due on December 14 for recipients born between the first and the 10th of their birth month. The third set of payments will be made on December 28 for seniors born between the 21st and 31st of the month, according to the SSA payment calendar.
Starting next January, retirees are set to receive benefits ranging from $140 to $1,827 a month. About 70 million recipients are enrolled in Social Security. The significant increase in payments is a response to the red-hot inflation that has rocked the nation.
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Many estimates suggest that the Social Security Fund could begin to suffer insolvency as early as 2034 if Congress does not act to prevent it.
Social Security payments are different from other SSA payments, such as disability insurance or Supplemental Security Income, which are scheduled to be distributed on December 30.