According to the Social Security Administration (SSA), on December 12, 2022, select Social Security beneficiary recipients will receive their monthly retirement payments worth up to $4,194 in the next week. The retirement benefits are paid in three installments, with the first payment occurring on the second Wednesday of the month and the subsequent payments on the following Wednesdays.
According to the SSA, the payments that will be distributed on Dec. 21 are intended for Social Security recipients who were born between the 11th and 20th of a month.
The amount recipients receive from these checks will depend on several factors, including when they retired. To receive the maximum amount of money each month, a person must have retired at a certain age. If they retired at 70, they can receive $4,194 per month. If they retired at 67, they can receive $3,345 per month. And if they retired at 62, they can receive $2,364 per month.
The SSA has already sent out the first round of payments to some recipients on Dec. 14, which was meant for those born between the 1st and 10th of their birth months. The final wave of payments for this month will be on Dec. 28 and will be intended for recipients born between the 21st and 31st of their birth months, according to the SSA calendar.
Regular Social Security payments are based on a person’s lifetime earnings and are not limited by income or resources. These payments differ from other types of payments made by the agency, such as disability insurance or Supplemental Security Income, which will begin paying beneficiaries on Dec. 30, 2023 according to the schedule.
The Committee for a Responsible Federal Budget predicts that Social Security may become insolvent as early as 2034 unless Congress takes action to prevent it. This is due to an increase in life expectancy, leading to a larger number of people receiving Social Security benefits and a smaller number of people working and paying taxes to support these benefits.