The third wave of January Social Security benefits, valued up to $5,108 for the highest-income workers who retire at age 70, will be distributed to the third set of retirees today. Here’s all you need to know about this month’s Social Security benefits, distributed in three waves.
When will the check arrive?
Social Security payments typically begin on the second Wednesday of each month, with successive waves sent out in the following weeks. Payments are distributed based on the day of the month in which the retiree was born. Retirees born between the first and tenth of the month received benefits on January 8. Beneficiaries born between the 11th and 20th of the month received their checks on January 15, while retirees born on or after the 21st of the month will receive their benefits on Wednesday, January 22nd.
How can I get the most out of my paycheck?
The timing of retirement, the amount paid into Social Security, and the number of years paid into Social Security all influence how much recipients get from the program. Payments are generally based on a recipient’s retirement age. According to the Social Security Administration, retiring at the earliest age of 62 allows for up to $2,831 a month, while deferring retirement until age 70 provides up to $5,108.
How is it funded?
Social Security is funded by a payroll tax paid by employers and employees. Social Security payments are expected to decrease unless Congress takes action to prevent it. Analysts predict that the SSA will no longer be able to provide full payments to recipients as early as 2034 due to an increasing number of retirees and a decreasing number of workers.
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