Social Security update: Maximum payment of $4,194 to be sent out for millions in just eight days
Social Security retirement payments worth as much as $4,194 will be sent out to millions of Americans in just eight days.
The maximum benefit that recipients will get depends on the age they retire, with people who wait until age 70 to retire getting the maximum benefit of $4,194. For people who retire at the Social Security Administration’s full retirement age, which is 67 for the year 2022, the maximum benefit would be $3,345. But for people who retire at age 62 in 2022, the maximum benefit would be $2,364, according to the SSA.
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“You can begin getting Social Security retirement benefits as early as age 62,” according to the SSA. “But we will reduce your benefits by as much as 30% below what you would get if you waited to begin getting benefits until your full retirement age. If you wait until your full retirement age (67 for people who are born in 1960 or later), you will get your full benefit.”
The SSA pays more money to recipients who wait to receive their benefits at 70 years old because these recipients earn “delayed retirement credits.”
The benefits will be paid on Wednesday to people who have their birthdays between the 1st and the 10th of a month. For people who have their birthdays between the 11th and 20th of a month, they will get their retirement benefits on Oct. 19, while people born between the 21st and the 31st will get their payment on Oct. 26, according to the SSA’s calendar.
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Anyone interested in applying can use the SSA’s online retirement application, and questions for the SSA can be answered at (800) 772-1213 or at (800) 325-0778 for people who are deaf or hard of hearing.
