Social Security update: Maximum payment of $4,194 to be sent out for millions today
Select Social Security beneficiaries are set to receive their monthly retirement payments, worth up to $4,194 per check, today.
The amount of the checks for recipients is dependent on various factors. To get the maximum payment of $4,194, a person must have retired at 70, while people who retired at 67 can receive a maximum check of $3,345, and those who retired at 62 are able to get as much as $2,364 per month, per the Social Security Administration.
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Regular Social Security payments are based on earnings throughout a person’s lifetime and have no limits based on income or resources. These checks differ from other payments distributed by the agency, such as disability insurance or Supplemental Security Income. The latter check is set to be paid out to beneficiaries next on Nov. 1.
The monthly retirement benefits are paid to beneficiaries in three waves, with all three occurring on Wednesdays. The waves of payments are divided by the birthdays of the recipients. 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 checks is always sent out on the second Wednesday of each month to those born on the 1st through 10th of their birth months, with this month’s payment having been sent out to that group on Oct. 12. The third and final wave of monthly checks to be sent out will be delivered next Wednesday on Oct. 26 to those born on the 21st through 31st of their birth months.
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Analysts estimate Social Security insolvency may occur as early as 2034 unless action is taken by Congress to prevent it.