The new year has begun, and in a little more than a week, so will Social Security payments for 2023.
The Social Security Administration's payments being issued on Jan. 11 will be given to recipients born between the 1st and 10th of a month. The SSA's retirement benefits it pays to recipients every month always begin on the second Wednesday of a month and are issued to recipients in waves of three, according to the administration's calendar.
The exact amount recipients will receive from these checks will vary based on several factors, including when a recipient chooses to retire and start receiving Social Security benefits. To receive the highest payment of $4,194, a person must have retired at 70. Those who retired at 67 receive a maximum check of $3,345, and anyone who retired at 62 only gets up to $2,364 per month, according to the SSA.Payments for other recipients will be issued in the weeks following Jan.
Regular Social Security payments are based on earnings that a person makes throughout their lifetime and do not have any limits based on income or resources. The retirement payments from the SSA are different from other payments distributed by the agency, such as disability insurance or Supplemental Security Income, the latter of which already had its January payments on Dec. 30 of last year, and will have its next payment on Feb. 1.
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