Social Security update: Second direct payment worth up to $4,555 for February arrives Wednesday
Misty Severi
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The second round of direct social security payments will be disbursed to millions of retirees on Wednesday, marking the payment for those who were born between the 11th and 20th of a month.
Social security payments are sent in waves of three, with the schedule coinciding with the day in a month that someone was born. The first round of payments, worth up to $4,555, was released on Feb. 8, according to the Social Security Administration’s calendar. It went to people born between the 1st and 10th of the month.
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The final wave will be released next week on Feb. 22, for those born between the 21st and 31st of a month.
The amount of money a retiree gets is determined by the age they retired at. The payment increases the longer the individual waits, with the cap being $4,555 for people who retire at 70. The maximum payment for those who retire at 62 is $2,572.
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Those totals will shrink in 2034 unless Congress takes 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 shrinking number of workers.