Millions of Social Security beneficiaries will receive their December retirement checks in just five days. For those who have retired at 70, their monthly check could be as much as $4,873. This payment is part of the final wave of December payments, which will be sent out on Tuesday, December 24.
The regular Social Security check distribution happens on a schedule that divides payments into three waves based on the recipient’s birth date. However, due to the federal holiday on Wednesday, December 25, the last payment for December will arrive one day earlier on Tuesday, December 24.
Payment Waves and Schedule
Social Security payments are sent out on specific days each month, depending on the recipient’s birthday. The payment distribution is divided into three waves.
The first wave of payments went out on December 11 for beneficiaries born between the 1st and the 10th of the month. The second wave, sent on December 18, was for those born between the 11th and the 20th.
The third and final wave of payments for this month will be delivered on Tuesday, December 24, to those born between the 21st and the 31st of the month.
This schedule ensures that Social Security recipients receive their payments regularly, even when a federal holiday like Christmas falls on a Wednesday.
How Much Will You Get?
Social Security payments vary depending on the recipient’s retirement age. The amount a person receives is based on the earnings they made during their working years and the age at which they choose to retire.
While there is no income limit for Social Security payments, the longer a person delays their retirement, the higher the monthly payment they can receive.
- For those who retire at 62, the maximum monthly check is $2,710.
- If you retire at 67, you could receive up to $3,822 per month.
- The largest monthly payment of $4,873 is given to those who wait until the age of 70 to retire.
This payout structure is designed to encourage people to work longer and save more, ensuring that those who delay retirement can benefit from a larger monthly check.
What About Other Social Security Benefits?
It’s important to note that the Social Security payments for retirement are different from other benefits that the Social Security Administration (SSA) offers, such as disability insurance (SSDI) or Supplemental Security Income (SSI).
These benefits are sent on different schedules and are for people who may have disabilities or other circumstances that prevent them from working.
SSDI benefits are provided to people who have a disability that makes it impossible for them to work and earn a living.
On the other hand, SSI is given to low-income individuals, including those with disabilities, and is typically distributed at the beginning of each month.
Why It’s Important to Plan?
Social Security is a vital program for millions of Americans, providing financial support for retirees, people with disabilities, and survivors of deceased workers.
As the cost of living rises and people live longer, it is important to make sure you are planning your retirement carefully to ensure you can receive the maximum benefits possible.
If you are nearing retirement age or are already retired, it’s a good idea to review your Social Security benefits regularly.
Check your earnings record with the SSA to make sure all your working years are correctly reported, and make sure you understand the impact of your retirement age on the amount of your monthly payments.
In addition, some people may qualify for benefits based on their spouse’s work history or through other programs like Medicare. Understanding these options will help you make the best choices for your retirement.
The Bottom Line
For many Americans, Social Security payments are a significant part of their retirement income. With the final round of December payments going out in just five days, now is a good time to ensure you understand the schedule and how much you can expect to receive.
Whether you are retiring soon or have already retired, it’s important to know what to expect and how to maximize your benefits. Keep an eye out for your check, and remember that waiting to retire until 70 could mean a much larger monthly payment!
So, get ready for the final Social Security payment of December. Check your eligibility, make sure your information is up-to-date with the SSA, and enjoy your hard-earned benefits!
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