Millions of Social Security beneficiaries will receive the second round of retirement checks for December in four days.
Filers who retire at 70 years old by Dec. 11 will receive payments worth up to $4,873 per check. The checks will go out to Social Security beneficiaries who were born between the 11th and the 20th of a month.
Social Security payments are based on the earnings throughout a retiree’s life and have no limits based on income, but the amount each check is worth depends on the age when a person retires. Citizens are eligible for Social Security beginning at 62 years old but can earn more by waiting longer to retire.
The monthly payment schedule for regular Social Security checks has three waves, all occurring on Wednesdays — or a Tuesday if a Wednesday is a federal holiday.
The distribution of payments is divided by the days of the month a recipient was born, and there are three waves. Retirees born between the 1st and 10th of a month received the first wave on Wednesday. The second wave of payments will be sent out on Dec. 18 to those born on the 11th through the 20th of a month. The third wave of checks will be sent out to those born on the 21st through the 31st of a month on Tuesday, Dec. 24, because Wednesday, Dec. 25, is a federal holiday.
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Those who retire at age 67 receive a maximum check of $3,822, while those who retire at 62 get up to $2,710, and those who delay their retirement to age 70 get the largest payment of $4,873 per month, according to the Social Security Administration.
The monthly Social Security payments are different from other checks given out by the SSA, such as disability insurance or Supplemental Security Income, which are sent out on a different schedule. SSI payments are sent to recipients by the beginning of each month to those with debilitating disabilities that may affect their income.