Social Security update: First round of January payments worth $4,873 goes out in 11 days

The first group of retired seniors will receive the first Social Security payments of the new year, worth up to $4,873 for top earners who retire at 70, in 11 days.

Retirees born between the 1st and 10th of a month will receive the payments 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.

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Social Security payments begin on the second Wednesday of every month, and the following waves go out on the third and fourth Wednesdays.

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.

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

The long-term future of Social Security remains unclear. Analysts estimate that the SSA will no longer be able to give out full payments to recipients as early as 2034, unless Congress does something to prevent it, due to a rising number of retirees and a declining number of workers.