SSA Issues First 2021 Retirement Payment | Maximum Payout of $4,555
The Social Security Administration (SSA) is issuing its first round of retirement payments for February, worth up to $4,194, on Wednesday. Recipients will receive two more payments later this month, and the second payment will be worth up to $4,555. This is because the first of the month falls on a weekend in July, October, and January for the three other months in which two payments will be delivered in the same month this year.
The amount of the Social Security benefit a recipient will get will be determined by when they chose to start receiving their retirement benefits. A person must have retired when they were 70 to receive the highest payment of $4,555. Recipients who retired at 67 will receive a maximum check of $3,627, and anyone who retired at 62 will get up to $2,572.
Additionally, those receiving Supplemental Security Income (SSI) will receive two payments worth $1,827 in March. Individuals receiving the first payment, to be issued on March 1, will receive $1,371, while eligible couples will receive twice that amount. The Social Security Administration has stated that individuals who are living with and providing care for someone receiving SSI will receive payments of $458.
The Social Security Administration first issued SSI payments in January 1974, with payment rates growing due to cost of living adjustments since 1975. In order to make sure recipients receive their check by the first of the month, the Social Security Administration (SSA) issues SSI checks on the last business day of the month prior to months that start on a weekend or holiday.
Due to the Cost of Living Adjustment (COLA), Social Security benefits have been augmented by $140. The maximum payout for Americans is $4,555. Last October, COLA rose to 8.7%, the highest it had been in over 40 years. Inflation has caused difficulty for those with limited incomes to purchase what they need, but America is being helped in this fight.
However, some seniors could owe taxes on their benefits, which could reduce their take-home benefit payments. It's important to note that while millions of Americans depend on payments from Social Security to make ends meet, the SSA's funds will be exhausted by 2033, according to the Congressional Budget Office.
0. “First SS payment for February: Who is receiving check for up to $1,827 today?” Marca, 8 Feb. 2023, https://www.marca.com/en/lifestyle/us-news/personal-finance/2023/02/08/63e3ca1f22601d10758b461d.html
1. “Social Security update: Direct payment worth up to $4555 to arrive today for millions” Washington Examiner, 8 Feb. 2023, https://www.washingtonexaminer.com/policy/economy/social-security-update-payment-worth-4555-arriving-today-for-millions
2. “Social Security update: First of two double direct payments worth $1,828 to arrive in 20 days” msnNOW, 9 Feb. 2023, https://www.msn.com/en-us/money/retirement/social-security-update-first-of-two-double-direct-payments-worth-dollar1828-to-arrive-in-20-days/ar-AA17illb
3. “Social Security update: First payments for February worth up to $4194 arriving in four days” Washington Examiner, 4 Feb. 2023, https://www.washingtonexaminer.com/policy/economy/social-security-update-first-payments-for-february-worth-up-to-4194-four-days
4. “Social Security update: Here's why recipients will get two SSI direct payment checks in March” Washington Examiner, 8 Feb. 2023, https://www.washingtonexaminer.com/policy/economy/social-security-why-recepients-two-ssi-checks-march
5. “Social Security update: First of March's double SSI payments worth $914 to arrive in 23 days” Washington Examiner, 6 Feb. 2023, https://www.washingtonexaminer.com/policy/economy/social-security-update-first-of-marchs-ssi-to-arrive-in-23-days
6. “Social Security Update: New Winter Regular Deposits Issued Between $1827 And $4555” PanAsiaBiz, 8 Feb. 2023, https://www.panasiabiz.com/53601/social-security-update-new-winter-regular-deposits-issued-between-1827-and-4555/
7. “2 Unexpected Downsides of Social Security's 8.7% Raise” The Motley Fool, 11 Feb. 2023, https://www.fool.com/retirement/2023/02/11/downsides-of-social-securitys-raise
8. “Just 48 hours until new bumper winter direct deposits between $1,827 and $4,555 issued, check the fixed…” The US Sun, 6 Feb. 2023, https://www.the-sun.com/money/7317403/social-security-americans-deposits-bumper-payment
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