Social Security update: Second round of December payments worth $4,555 to be sent out in one day

The second wave of December‘s three Social Security payments, worth up to $4,555 for those who retired at 70, will go out to millions of retired seniors on Wednesday.

Retirees born between the 11th and 20th of a month will receive their payments in one day, on Dec. 20. Those born on or after the 21st of a month will get their checks in the third wave, which goes out on Dec. 27. Those born between the 1st and 10th of a month received their payments on Wednesday, Dec. 13.

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The amount each retiree receives depends on several factors, including the amount paid into Social Security and the number of years paid into Social Security, but the age at which one retired is the largest contributing factor to the maximum amount.

People who retired at the youngest age, 62, can get up to $2,572 per month, and those who delayed retirement to age 70 get a maximum of $4,555 per month, according to the Social Security Administration. Those who retired at 67 will see up to $3,627 in December.

Not every recipient will receive the maximum amount, and beneficiaries can see a personalized estimate of what they can expect each month through the SSA’s calculator.

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The monthly payments are expected to rise by 3.2% in January as part of the program’s annual adjustments based on inflation. The increase will be the same percentage for all payments the administration sends, including retirement and disability pay.

The amount recipients get each month is expected to shrink by 2034 unless Congress takes action to prevent it. Analysts estimate the SSA will no longer be able to give out full payments to recipients by then due to a rising number of retirees and a shrinking number of workers.