The third and final round of Social Security retirement payments for January, worth up to $4,194, is scheduled to go out to recipients Wednesday.
This payment will be to recipients who were born between the 21st and 31st of a month. The retirement benefits from the Social Security Administration are issued to recipients in waves of three. The payments begin on the second Wednesday of the month, according to the administration’s calendar.
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The amount that recipients will receive from these checks will vary based on several factors, including when a recipient chose to retire and start receiving Social Security benefits. A person must have retired when he or she was 70 to receive the highest payment of $4,194. Meanwhile, recipients who retired at 67 will receive a maximum check of $3,345, and anyone who retired at 62 will get up to $2,364 per month, according to the SSA.
Payments for these recipients began on Jan. 11 and were for people born between the 1st and 10th of a month. The second round of payments for January was on Jan. 18 — they were for recipients whose birthdays fall between the 11th and 20th of a month.
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Regular Social Security payments are based on earnings that a recipient makes throughout his or her lifetime and do not have any limits based on income or resources. These retirement payments from the SSA are different from other payments distributed by the agency, such as disability insurance or Supplemental Security Income, with the latter program already having sent its January payments on Dec. 30, 2022, and is scheduled to send its next payment on Feb. 1.
Analysts estimate that unless action is taken by Congress, Social Security insolvency may occur as early as 2034. One reason for the looming insolvency crisis is more people living longer thanks to the advancements in science and medicine, allowing them to take part in Social Security benefits longer than expected. 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.
