Social Security Payments: Who Will Receive $4,194 This January?

Social Security Administration follows a scheduling scheme to distribute their Social Security payments to their corresponding recipients.

SSA's schedule usually adheres to the birth date of the beneficiaries. The federal agency adopted the staggered schedule in June 1997.

Before comprehensive scheduling was established, all the benefit payments were released on the third day of the month. It changes as the members of the Social Security Administration grew.

Following the schedule of the SSA, beneficiaries are once again receiving their retirement benefits on January 18.

Those who will receive Social Security payments worth up to $4,194 are those recipients born between the 11th and 20th of the month.

The amount of Social Security payments will be based on when the beneficiaries decide to retire and when they start receiving the Social Security benefits.

Social Security recipients should have retired when they were 70 to receive the highest payment of $4,194 while those who retired at 67 will receive a maximum check of $3,345.

Those who retired at 62 are slated to receive up to $2,364 per month.

Social Security Payments Worth $4,194

To receive the highest Social Security payments, you must have worked for at least 35 years. Social security retirement benefits are based on a percentage of your wages in your 35 highest earning years.

The SSA then adjusts wages for inflation and applies the fitting average monthly income for your benefits calculation.

Beneficiaries will have a lower wage input for the calculation if they have worked less than 35 years.

You can also have a higher Social Security check if you wait until age 70 to claim your first Social Security payments.

The SSA confirmed that there are people who are already receiving their retirement checks at age 62.

However, the benefits will be reduced as much as 30% below what people would get if they waited until their full retirement age.

The SSA earlier confirmed that there will be an 8.7% increase in the cost-of-living adjustment.

Social Security Payments January

More than 65 million beneficiaries will receive their benefit checks that apply the record-high 8.7% cost-of-living adjustment.

Social Security benefits are projected to increase by more than $140 per month on average.

Your first SSA check will be distributed on January 11, with benefits scheduled to be paid to those whose birth dates fall on the 1st and 10th of their birth month.

Those with birthdays falling on the 21st and 31st can receive their Social Security payments on January 25, which is the fourth Wednesday and last tranche of the scheduled payments.

Despite the adjusted COLA, persistently high consumer prices due to rising inflation are still hard to beat.

Joe Elsasser, founder and president of Covisum, said that although the adjustment in SSA benefits may seem like a raise, "it's probably not a raise."

Elsasser added that purchases will probably eat up the increase SSA beneficiaries experience in their payments.

In addition, SSA beneficiaries may be subjected to more taxes on that income as Social Security payments increase.

This article is owned by Latin Post.

Written by: Mary Webber

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