Millions of Social Security beneficiaries will receive their December retirement checks, with payments worth up to $4,873 per check for those who retire at age 70, on Wednesday. The Social Security Administration sends out these payments to beneficiaries born between the 11th and the 20th of the month.
The distribution of Social Security payments follows a set schedule each month. Payments are divided into three waves based on the day of the month that a recipient was born. The first wave of payments was distributed on December 11 to those born on the 1st through the 10th of the month.
The second wave, set for Wednesday, December 18, includes beneficiaries born between the 11th and the 20th. The final wave of checks will be sent out on Tuesday, December 24 (since Wednesday, December 25 is a federal holiday) to those born on the 21st through the 31st of the month.
Social Security payments are calculated based on the earnings a person has made throughout their working life. There is no income cap for Social Security, meaning every eligible retiree can receive benefits regardless of their income. However, the amount of each check depends on when the retiree decides to begin receiving benefits.
Citizens are eligible to start receiving Social Security benefits at age 62, but the checks are smaller compared to those retiring later. The maximum payment for a retiree who waits until age 70 is $4,873 per month, according to the Social Security Administration. For those who retire at 67, the maximum check is $3,822, while those who retire at 62 can receive up to $2,710 per month.
It’s important to note that these monthly Social Security payments are different from other checks issued by the SSA, such as disability insurance or Supplemental Security Income (SSI), which follow a different schedule. SSI payments are sent at the beginning of each month to recipients with disabilities that significantly affect their income.
This schedule ensures that millions of Social Security beneficiaries across the country receive their retirement checks on time. By spreading out the payments based on birthdates, the Social Security Administration aims to manage the distribution efficiently, avoiding a surge of transactions on a single day.
As always, recipients are encouraged to check their payment schedule to ensure they receive their benefits promptly. For those born between the 11th and 20th of December, their checks will be in the bank or mailed out on Wednesday, December 18.
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Eliot Pierce is a dedicated writer for ChiefsFocus.com, covering local crime and finance news. With a keen eye for detail and a passion for storytelling, Eliot aims to provide his readers with clear and insightful analysis, helping them navigate the complexities of their financial lives while staying informed about important local events. His commitment to delivering accurate and engaging content makes him a valuable resource for the community.