Up to $4,194 in Social Security retirement benefits will be received by its beneficiaries on December 21. The benefits that will be issued are intended for those who are born on the 11th to the 20th of a month, says Notheis.
On December 21, up to $4,194 worth of monthly retirement benefits will be received by Social Security beneficiaries. The recipients of these benefits must be born on the 11th to the 20th of a month. The amount of payment to be received from these benefits will depend on various factors. To get the maximum benefit of $4,194, a beneficiary must have retired at 70. Those who retired at 67 can receive up to $3,345 a month, while those who retired at 62 can get as much as $2,364 a month.
The Social Security Administration (SSA) will issue the retirement benefits to its recipients in three batches. The first batch will be on the second Wednesday of the month and the next two payments will be on the next two Wednesdays. The first batch of benefits was already distributed last December 14. The recipients of these benefits were those born on the 1st to the 10th of a month. The third and final batch will be received on December 28. Beneficiaries whose birthdates fall on the 21st to the 31st of a month are eligible.
SSA May Go Bankrupt
According to experts, Social Security Administration may go bankrupt in early 2034. As science and medication progress, people also live longer. Therefore, a larger number of people are entitled to receiving Social Security benefits. On the other hand, the number of people paying taxes to fund the benefits is continuously decreasing. If the Congress does no action to prevent this projection, Committee for a Responsible Federal Budget says SSA may indeed go bankrupt, as reported by Notheis.