Social Security update: First round of January payments worth $4,873 goes out in six days

The first group of retired seniors will receive their January Social Security payments, worth up to $4,873 for top earners who retire at 70, in just under a week.

Retirees born between the 1st and 10th of a month will receive their first payment of the new year in only six days, on Wednesday, Jan. 10. Those born on or after the 11th of a month will receive their payments in one of the two later disbursements, which go out on Jan. 17 and Jan. 24.

BIDEN SQUEEZED FROM BOTH SIDES OVER STUDENT LOAN FORGIVENESS

The initial Social Security payments are disbursed on the second Wednesday of every month, and the following waves go out on the third and fourth Wednesdays respectively.

The age of recipients at the time of retirement, the amount paid into Social Security, and the number of years paid into Social Security all affect the maximum payment retirees receive. However, payments largely depend on the age at which recipients retire.

Recipients should see a 3.2% increase in their checks in 2024 compared to their monthly payments in 2023. The boost is part of the annual cost-of-living adjustment, which was announced for 2024 in October.

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The totals sent out are expected to shrink unless Congress takes some action to prevent it. Analysts estimate the Social Security Administration will no longer be able to give out full payments to recipients as early as 2034 due to a rising number of retirees and a declining number of workers.

Beneficiaries can see a personalized estimate of what they can expect each month through the SSA’s calculator.