Social Security update: Maximum payment of $4,194 to be sent out for millions in just two days
Select Social Security recipients are set to receive their monthly retirement benefits, worth as much as $4,194, in just two days.
Payment amounts are dependent on various factors. To get a maximum payment of $4,194, an individual must have retired at the age of 70. Individuals who retire at 67 can receive a maximum benefit of $3,345 and those who retire at 62 are eligible for as much as $2,364, per the Social Security Administration.
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The monthly benefits are paid in three waves, with all three occurring on Wednesdays. The waves of payments are divided by the birthdays of the beneficiaries.
The second wave of checks is set to be sent out Wednesday for those born on the 11th through 20th of their birth months, per the SSA.
The first wave of payments is always sent out on the second Wednesday of the month to those born the 1st through 10th of their birth months, with this month’s payment sent out to that group on Oct. 12. The final wave of monthly checks to be sent will go out next week on Oct. 26 to those born on the 21st through 31st of their birth months.
Regular Social Security checks are based on earnings throughout a person’s lifetime and have no limits based on income or resources. These payments differ from other payments distributed by the administration, such as disability insurance or supplemental security income, the latter check set to be paid out next on Nov. 1.
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Some analysts estimate Social Security insolvency may occur as early as 2034 unless action is taken by Congress.