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In good news for retired seniors, the first round of December Social Security payments will start in just over two weeks. For those leaving at age 70, these checks could reach up to $4,555. People who were born between the 1st and 10th of the month will get their checks on Wednesday, Dec. 13. People who were born between the 11th and 31st will get their checks in later payments. Notably, the payouts for November have already been made.
Millions of senior citizens are set to receive up to $4,555 from the Social Security Administration. (Photo: Google)
The Social Security Administration follows a set plan and sends out funds three times a month, on the second, third, and fourth Wednesdays. People who qualify get a single check, and the amount depends on a number of factors. People who qualify can use the SSA’s tool to get an idea of how much they might get.
If you are getting Social Security, the highest amount changes based on your retirement age. For example, people who retire at age 62, which is the oldest age for income, can get up to $2,572 a month. The Social Security Administration (SSA) says that people who quit at age 70 can get up to $4,555 a month. People who leave at the full retirement age of 67, on the other hand, can expect a monthly check of up to $3,627.
As part of the program’s yearly changes that are tied to inflation, the SSA stated that monthly payments would go up by 3.2% in 2024. This is a good thing. The government applies this percentage increase to all payments, including retirement and unemployment benefits.
It is important to know that regular retirement checks are sent out at a different time than other SSA payouts, like disability insurance or Supplemental Security Income.
As the end of the year draws near, this news gives seniors financial peace of mind and clarity by giving them information about their future Social Security payments and the small changes that will be made to keep up with inflation.
