Social Security update: Third round of December payments worth $4,555 went out Wednesday

The third and final group of retired seniors received their December Social Security payments, worth up to $4,555, on Wednesday.

Retirees born on or after the 21st of a month received the payments on Wednesday, while those born between the 1st and 20th of a month received their payments in one of the two earlier disbursements.

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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 rely on the age at which recipients choose to retire.

Retiring at the youngest age of 62 allows up to $2,572 per month, while delaying to 70 can allot up to $4,555 per month, according to the Social Security Administration.

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

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Monthly payments will rise by 3.2% in 2024 as part of the program's annual adjustments based on inflation, the SSA announced in October. The increase will be the same percentage for all payments the administration sends.

The totals sent out will shrink unless Congress takes some action to prevent it. Analysts estimate that the SSA 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.