Social Security payments for 2023 will start in a bit over a week, along with the new year.
Payments from the Social Security Administration will be made on January 11 to people who were born between the first and tenth of the month. As per the administration’s calendar, the retirement benefits that the SSA pays to beneficiaries each month always start on the second Wednesday and are distributed to beneficiaries in rounds of 3.
When a beneficiary decides to retire and begin collecting Social Security benefits is one of several factors that will affect the actual amount individuals will get from these checks. An individual must have retired at age 70 to get the highest amount of $4,194. Based on the SSA, all who retired at 67 earn a maximum payout of $3,345 while those who retired at 62 may receive up to $2,364 each month.
Other beneficiaries’ payments will be made in the weeks that follow January 11, and those whose birthdays occur between January 11th and 20th will be paid on January 18. People whose birthdays fall between the 21st and the 31st of a month will get the final retirement payments on January 25.
Regular Social Security benefits are based on earnings made for a person’s lifetime and are not limited to restrictions based on wealth or income. The Supplemental Security Income (SSI), which received its January payments on December 30 of last year and will receive its next payment on February 1, varies from other benefits provided by the SSA, including disability insurance or SSI.