The first round of the Social Security Administration's retirement payments for February, worth up to $4,194, will be issued to recipients in only four days.
The amount that recipients will receive from these checks will vary based on several factors, including when a recipient chose to retire and start receiving Social Security benefits. A person must have retired when he or she was 70 to receive the highest payment of $4,194. Recipients who retired at 67 will receive a maximum check of $3,345, and anyone who retired at 62 will get up to $2,364, according to the Social Security Administration.
Retirement payments for other recipients will follow later on in February. Recipients who were born between the 11th and 20th of a month will receive their payment on Feb. 15, and recipients born between the 21st and 31st of a month will be paid on Feb. 22.Regular Social Security payments are based on earnings that a recipient makes throughout his or her lifetime and do not have any limits based on income or resources.
Analysts estimate that unless Congress takes action soon, Social Security insolvency may occur as early as 2034. One reason for the looming insolvency crisis is that more people are living longer thanks to advancements in science and medication, allowing them to take part in Social Security benefits longer than expected. In addition, the number of people working and paying taxes to support these benefits is gradually decreasing, according to the Committee for a Responsible Federal Budget.
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