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Millions of Social Security beneficiaries will receive their December retirement checks, worth up to $4,873 per check for those who retire at 70 years old, today.
Social Security beneficiaries who were born between the 21st and the 31st of a month will receive their regular monthly checks for December from the Social Security Administration on Tuesday, Dec. 24, because Wednesday, Dec. 25, is a federal holiday.
Retirees will receive their Social Security check depending on when their birthday falls, and the checks are sent out in three different waves.
The amount of Social Security benefits retirees receive depends on their age, the number of years they paid into the system, and the amount of money they paid to Social Security. The highest-income earners who retired at age 70 can expect to receive a maximum of $4,873 each month. Those who retire at age 62, the earliest one can begin collecting benefits, can collect a maximum of $2,710 each month.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
Beneficiaries can see a personalized estimate of how much they can expect each month through the SSA’s calculator.
The federal government has provided Social Security benefits to retirees since 1935. The program is financed by a payroll tax paid by employers and employees. However, analysts estimate the SSA will no longer be able to give out full payments to recipients as early as 2034 due to a rising number of retirees and a shrinking number of workers. It is up to Congress to make changes to ensure recipients don’t see a dip in payments.