Social Security update: First of December triple payments worth $4,555 sent out Wednesday

Millions of retired seniors received the first wave of December's three Social Security payments, worth up to $4,555 for those who retired at 70, on Wednesday.

Retirees born between the first and 10th of a month received their payments, one week before beneficiaries born between the 11th and 20th of a month. Those born on or after the 21st of a month will get their checks in the third payment, which goes out on Dec. 27.

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The amount each retiree receives depends on different factors, including the amount paid into Social Security and the number of years paid into Social Security. The retirement age is the largest contributing factor to the maximum amount a recipient can get.

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

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

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Monthly payments are expected to rise by 3.2% in January 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, 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.