This week, on January 22, 2025, people with impairments who are receiving Social Security (retirement) benefits will start collecting their payments.
Including the 2.5% cost-of-living adjustment that was applied this year (valid until December), some recipients may be able to receive up to $4,018 in the third and final round of January payments, which is the maximum amount authorized by the Social Security Administration (SSA).
Depending on the beneficiaries’ dates of birth, Social Security retirement benefits are split into three categories. The second Wednesday is when the first group, which includes people born between the first and tenth of each month, gets paid.
The third Wednesday of each month is when the second group, those born between the 11th and the 20th, get paid, and the fourth Wednesday is when the third group, those born between the 21st and the 31st, get paid.
There is only one Social Security payment left for beneficiaries in January 2025
Payments were made to the first group on January 8 and the second batch on January 15. The beneficiaries of the third group are presently awaiting the upcoming payment, which is scheduled to take effect on January 22.
Recipients’ Social Security benefits are determined by their length of employment, retirement age, and Social Security contributions.
For instance, people who retire at age 62 may get up to $2,831 a month, while people who wait until age 70 may get up to $5,108.
The maximum benefits approved by the SSA
In 2025, applicants must fulfill specific requirements pertaining to their work history in order to be eligible for the maximum payment of $5,108. Initially, they have to have worked for at least 40 quarters, or 10 years, and made contributions to the Social Security system.
Additionally, only pensioners who attain full retirement age—67 for those born in 1960 or later—are eligible for the maximum payout amount. A beneficiary’s monthly benefit amount will be lowered if they decide to retire before the designated age.
Each benefit’s amount is also determined by the money made while employment. Over the course of your working career, a higher income often translates into a higher benefit amount.
Upcoming February 2025 payments
The dates of the retirees’ births determine when the payments for February 2025 are arranged. Those born between February 1st and February 10th will receive benefits on February 12th, the second Wednesday of the month.
For individuals born between February 11 and February 20, payments will be made on the third Wednesday of the month. Lastly, pensioners born on or after February 21st will receive their compensation on the fourth Wednesday after February 26. Beneficiary payments are handled in an orderly fashion thanks to this programming.
See Also: Qualifying Recipients Receive Another $4,018 SSDI Payment This Week
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.