Millions of Social Security beneficiaries will receive their January retirement checks, worth up to $4,873 per check for those who retire at 70 years old, in seven days.
Retirees born between the 1st and the 10th of their respective birth months will receive the regular monthly check for January from the Social Security Administration on Jan. 8, 2025.
Beneficiaries will receive their Social Security check depending on when their birthday falls, and the checks are sent out in three waves.
The amount of Social Security benefits retirees receive depends on their age, the number of years they paid into the system, and the amount of money they paid to Social Security. The highest-income earners who retired at age 70 can expect to receive a maximum of $4,873 each month. Those who retire at age 62, the earliest one can begin collecting benefits, can collect a maximum of $2,710 each month.
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Beneficiaries can see a personalized estimate of how much they can expect each month through the SSA’s calculator.
The federal government has provided Social Security benefits to retirees since 1935. The program is financed by a payroll tax paid by employers and employees. However, analysts estimate the SSA will no longer be able to give out full payments to recipients as early as 2034 due to a rising number of retirees and a shrinking number of workers. It is up to Congress to make changes to ensure recipients don’t see a dip in payments.
This article was originally published at www.washingtonexaminer.com
