Millions of Social Security beneficiaries will receive their December checks this Wednesday, with payments reaching up to $4,873 per month for those who wait until 70 to retire.
If you were born between the 11th and 20th of any month, you’ll be part of the second round of December payments being distributed.
Social Security Payment Schedule Breakdown
The Social Security Administration (SSA) sends out payments to eligible recipients in three waves every month, typically on Wednesdays. However, if a Wednesday falls on a federal holiday, the payment distribution shifts to Tuesday.
This month, the second round of payments is going out Wednesday, December 18, for individuals born between the 11th and 20th of the month.
The first round of payments was sent on December 11 for those born from the 1st to the 10th, and the final round of payments will be distributed on Tuesday, December 24, for those born between the 21st and 31st, as Wednesday, December 25, is a federal holiday.
How Much Will Social Security Beneficiaries Receive?
Social Security payments are based on the income earned throughout a person’s life. The amount you receive is determined by the age at which you begin receiving benefits. Here’s a breakdown of the maximum amounts you could receive:
- If you retire at age 62, you can receive up to $2,710 per month.
- If you retire at age 67, you will receive a maximum of $3,822 per month.
- If you wait until age 70 to retire, your monthly check can be as high as $4,873.
The larger the age at which you retire, the higher the monthly payment. Social Security payments are not based on how much you earned in the last few years of your career, but rather on your lifetime earnings and when you begin claiming benefits.
What Makes Social Security Payments Different?
Social Security retirement payments are different from other benefits like disability insurance or Supplemental Security Income (SSI).
While retirement payments are based on your lifetime earnings, SSI is for individuals who have a qualifying disability that impacts their ability to work and support themselves.
SSI payments are distributed on a different schedule and are generally paid at the beginning of the month, ensuring that those with disabilities have consistent support.
Unlike Social Security retirement payments, SSI does not rely on a person’s previous work history, but rather on their current financial need and medical condition.
Key Takeaways:
- Social Security checks are sent out in three waves each month, divided by your birth date.
- Payments for December go out on December 11, 18, and 24, based on when you were born.
- Maximum payments vary by age: $2,710 at 62, $3,822 at 67, and $4,873 at 70.
- Social Security payments are distinct from SSI, which helps those with disabilities.
Why Timing Matters?
Timing is critical when it comes to Social Security payments. Those who retire earlier, at 62, receive a smaller monthly check, while those who wait until later ages like 67 or 70 can receive significantly larger payments.
If you’ve been contributing to Social Security throughout your career, maximizing your payout by waiting until you reach the age of 70 could result in thousands of dollars more each year.
For retirees, understanding the payment schedule and the amount they’re eligible to receive is essential for planning their financial future.
This knowledge helps ensure that retirees can budget accordingly and make the most of their benefits during retirement.
The Importance of Social Security
Social Security benefits are a vital source of income for many retirees. For some, these monthly payments are the primary source of their financial support.
Understanding how payments are calculated, when they are issued, and how much you are eligible to receive can help retirees navigate their financial planning, ensuring a secure future.
By staying informed about Social Security updates, you can make better choices about when to begin receiving your benefits, and how to maximize your monthly payment.
Remember, your benefits will depend on the age at which you retire, so if you can afford to delay your retirement, doing so could pay off with a much higher monthly check when you need it most.
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