The first round of Social Security retirement payments slated to be distributed in February is set to go out to recipients in just five days.
The payment, worth up to $4,194, is scheduled to be disbursed on Wednesday for recipients who were born between the 1st and 10th of the month. The payment is the first round of payments being issued from the Social Security Administration this month, which issues payments to recipients based on their date of birth, according to the administration’s calendar.
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The amount of money each recipient receives will vary based on several factors, such as what age the applicant chose to retire and start receiving Social Security benefits.
People who retired when they were 70 or older are set to receive the maximum amount of $4,194, according to the SSA. Meanwhile, those who retired from ages 67 to 69 will receive a maximum check of $3,345, and those who retired between 62 and 66 will receive up to $2,364 a month.
Retirement payments for other recipients will be issued on the subsequent Wednesdays of February. Recipients who were born between the 11th and 20th of a month will receive their payment on Feb. 15, and recipients born between the 21st and 31st of a month will be paid on Feb. 22.
Since 1974, the SSI program has provided money to those who qualify to give financial relief to those with limited incomes and resources. The payments are based on earnings the recipient made throughout his or her lifetime.
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 February payment on Wednesday.
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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 are living longer due to the advancements in science and medication, 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.
