The first round of February’s Social Security payments will be distributed in five days. For those who retire at age 70, the payments are worth up to $5,108. Social Security payments usually start on the second Wednesday of each month.
The following payments will occur in the next few weeks. The payment date depends on the retiree’s birth date. Retirees born between the 1st and 10th will receive their payments on February 12.
Those born between the 11th and 20th will receive their checks on February 19. Retirees born on or after the 21st will get their payments on February 26.
First February payments distribution dates
The Social Security payment amount changes based on the recipient’s retirement age. Up to $2,831 per month can be paid if the recipient retires at 62. Delaying retirement until 70 can result in monthly payments as high as $5,108.
The time of retirement, the amount paid into Social Security, and the number of years contributing to the system all affect the monthly benefits. Beneficiaries can check their expected monthly payments using the SSA’s calculator. Social Security is mostly funded by payroll taxes paid by employers and employees.
However, payment amounts may shrink unless Congress takes action. Analysts predict that the SSA may not provide full payments to recipients as early as 2034 due to the influx of retirees and a smaller workforce.