In a report from The Gazette, the Social Security Administration said the amount of retirement payments might reach up to $4,194 when they retire at age 70, up to $3,345 for retirees at age 67, and $2,364 for those who retire at age 62. The regular Social Security payments are based on earnings that a recipient makes throughout their lifetime and do not have any limits based on income or resources.
The benefits are distributed in three waves for the month of January. The first payment occurred on January 11 for those born between the first and 10th of a month. And the second wave was distributed on January 18 for those born between the 11th and 20th of the month.
The last recipient born between the 21st and 31st of a month will receive their retirement benefits on January 25. The SSA will also distribute the retirement benefits in three waves starting on the second Wednesday of each month.
Some experts warned about the possibility of depleting the funds and have called the agency and Congress to take action. Several analysts claimed that the insolvency of Social Security might occur earlier than projected due to the increase in Social Security retirement benefits. The Committee for a Responsible Federal Budget claimed that as people live longer due to advancements in health care, they receive the benefits longer than expected. And there is also a decline in the number of people working and paying taxes to support the system. One solution created by the agency is to increase the tax collection, which was recently announced to rise to 6.2%. Read here for more information.