Social Security update: Direct payment worth up to $4,555 goes out to millions in one day
Misty Severi
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On Wednesday, millions of retirees will receive the final wave of March’s Social Security Administration’s retirement payments, worth up to $4,555.
The third round, for those born between the 21st and 31st of a month, will be released on Wednesday, March 22. Three disbursements are released to retirees each month, but each person only receives one payment that coincides with the 10-day block of the month that a person was born in, according to the SSA’s schedule.
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The first round of payments, for people born between the 1st and 10th of a month, went out to recipients on March 8. The second round was released last week, on the 15th, for those born between the 11th and 20th of a month.
The amount of money each recipient gets depends on the recipient’s age at retirement. The highest payment is up to $4,555 per month, and it 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 current age of retirement is 67, but people can take early retirement at 62 or delay retirement until 70.
People could see a decrease in their payments if Congress does not determine how the program will be funded by 2037. Discussions on the future of Social Security have been ongoing in Congress for years, but a pair of bipartisan senators recently proposed raising the retirement age to 70.