First round of February Social Security payments will be triggered in 17 days

Here’s everything you need to know about February’s Social Security payments.

When do checks arrive?

Social Security payments typically begin on the second Wednesday of the month, and subsequent waves go out in subsequent weeks. The distribution of payments depends on which day of the month a pensioner was born.

Pensioners born between the 1st and 10th of a month receive payments on February 26th.

How can I maximize my check?

The length of retirement, the amount paid into Social Security, and the number of years paid into Social Security all play into how much money beneficiaries can receive from Social Security.

Payments largely depend on a recipient’s retirement age. If you retire early at age 62, you can defer payments of up to $2,831 per month until age 70, up to $5,108 per month.

Beneficiaries can see a personalized estimate of how much they can expect each month through the Social Security Administration calculator.

When am I eligible?

Citizens are entitled to social security payments from the age of 62.

How is it financed?

Click here to read more from the Washington Examiner

Social Security is funded by a payroll tax paid by employers and employees.

Social Security payment amounts will shrink unless Congress takes action to prevent it. Analysts estimate that the SSA will no longer be able to issue full payments to recipients due to an increasing number of retirees and a shrinking workforce.