Social Security update: Maximum payment of $4,194 to be sent out for millions tomorrow
The maximum benefit that recipients will get depends on the age they retire, with people who wait until age 70 to retire getting the maximum benefit of $4,194. For people who retire at the Social Security Administration's full retirement age, which is 67 for the year 2022, the maximum benefit would be $3,345. But for people who retire at age 62 in 2022, the maximum benefit would be $2,364, according to the SSA.
The SSA pays more money to recipients who wait to receive their benefits at 70 years old because these recipients earn “delayed retirement credits.” The benefits will be paid on Wednesday to people who have their birthdays between the 1st and the 10th of a month. For people who have their birthdays between the 11th and 20th of a month, they will get their retirement benefits on Oct. 19, while people born between the 21st and the 31st will get their payment on Oct. 26, according to the SSA's calendar.
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