Social Security update: Direct payment worth up to $4,194 to arrive Wednesday for millions

The retirement benefits from the SSA are issued to recipients in waves of three, with payments beginning on the second Wednesday of the month. The first payment, scheduled for Feb. 8, will be for recipients who were born between the 1st and 10th of a month, according to the administration's calendar.The remaining retirement payments for other recipients will be issued on the following Wednesdays in February.

The amount a recipient will receive from these payments will depend on when they chose to retire and start receiving Social Security benefits. A person must have retired when he or she was 70 to receive the highest payment of $4,194. Recipients who retired at 67 will receive a maximum check of $3,345, and anyone who retired at 62 will get up to $2,364, according to the SSA.

Analysts estimate that unless Congress takes action soon, Social Security insolvency may occur as early as 2034. One reason for the looming insolvency crisis is that more people are living longer thanks to advancements in science and medication, allowing them to take part in Social Security benefits longer than expected. In addition, the number of people working and paying taxes to support these benefits is gradually decreasing, according to the Committee for a Responsible Federal Budget.

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