Social Security update: Direct payment worth up to $4,555 goes out to millions in 16 days
Misty Severi
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The first round of Social Security retirement payments in April, worth up to $4,555, will be sent to recipients in 16 days.
The payments will go out on Wednesday, April 12. They’ll be sent to retirees who were born between the 1st and 10th of a month.
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The second wave, for those born between the 11th and 20th of a month, will go out on April 19, and the final wave will be released on the 26th. The last wave will be for those born between the 21st and 31st of a month, according to the Social Security Administration’s schedule.
Each payment distribution date coincides with the 10-day block of the month that the recipient was born in.
The amount of money each recipient gets depends on his or her age at retirement. The highest payment, of $4,555 per month, goes to eligible 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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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 occurred in Congress for years, but a pair of bipartisan senators recently proposed raising the retirement age to 70.
The age of retirement is 67, but people can take early retirement at 62 or delay retirement until 70.