The final round of the Social Security Administration's retirement payments in February, worth up to $4,555, was sent to recipients today.
Wednesday's payment is the last of three waves for February, where each wave coincided with the 10 day block of the month that the person was born in. For example, the first round of payments that were released on Feb. 8, went to people born between the 1st and 10th of the month.
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The second round, for those born between the 11th and 20th of the month was sent out a week later, on Feb. 15.
The amount recipients receive from these payments depends on the age at which they retired and start receiving the benefits. The highest payment goes to people who retire at the age of 70. Recipients who retired at 67 will receive a maximum check of $3,627, and anyone who retired at 62 will get up to $2,572, according to the SSA.
Regular Social Security payments are based on earnings that a recipient makes throughout his or her lifetime and do not have limits based on income or resources. The retirement payments from the SSA are different from other payments distributed by the administration, such as disability insurance or Supplemental Security Income.
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The amount of money retirees receive in social security is subject to change or even decrease if Congress does not solve the program's funding problem by 2034. Advancements in science and medication that allow retirees to take part in Social Security benefits longer than expected play a role in the funding problem.
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February 23, 2023 at 05:59AM
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