Social Security payments typically begin on the second Wednesday of every month, and the following waves go out in the subsequent weeks. The distribution of payments depends on which day of the month a retiree was born.
Retirees born on or before the 10th of a month received their payments on Wednesday. Beneficiaries born between the 11th and 20th of a month will receive their checks on Feb. 19, and those born on or after the 21st of a month receive their payments on Feb. 26.
Payment amounts primarily depend on a recipient’s retirement age. Retiring at the youngest age, 62, allows up to $2,831 per month, while delaying retirement until age 70 can allot up to $5,108 per month, according to the Social Security Administration.
The time of retirement, the amount paid into Social Security, and the number of years paid into Social Security all affect how much beneficiaries receive.
Beneficiaries can access a personalized estimate of how much they can expect each month through the SSA’s calculator.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
Social Security is financed by a payroll tax paid by employers and employees.
Social Security payment amounts are set to shrink unless Congress takes action to prevent a decrease from occurring. 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.
