Social Security update: Direct payment worth up to $4,555 goes out to millions in six days
Misty Severi
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Millions of retirees will receive the final wave of March’s Social Security Administration retirement payments, worth up to $4,555, in six days.
Three disbursements are released to retirees each month, but recipients only receive one payment. It coincides with a 10-day block of the month that a person was born in, according to the SSA’s schedule. The final round, for those born between the 21st and 31st of the month, will be released on Wednesday.
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The first round of payments was for people born between the 1st and 10th of a month, and it went out to recipients on March 8. The second round was sent out on Wednesday, and it went to those born between the 11th and 20th of a month.
The value of the payment depends on the recipient’s age at retirement. The highest payment of up to $4,555 per month goes to people who retired at 70. Recipients who retired at 67 receive a maximum check of $3,627, and anyone who retired at 62 gets up to $2,572, according to the SSA.
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The amount of money retirees receive in Social Security is subject to change, and could potentially decrease, if Congress does not determine how the program will be funded in the future. Discussions on the future of Social Security have occurred in Congress for years, and most recently, a pair of bipartisan senators have proposed raising the retirement age to 70.
Currently, the retirement age is 67, but workers can take early retirement at 62 or delay retirement until they are 70.