Social Security update: Second direct payment worth up to $4,555 for February arrives today
Misty Severi
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The second round of direct social security payments was disbursed to retirees born between the 11th and 20th of a month Wednesday.
Social security payments are sent in three waves correlating with the day of 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 round, for those born between the 21st and 31st of a month, will be paid out in one week, on Feb. 22.
The amount of money people receive is determined by their age at retirement. The payment increases the longer the retiree 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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The amount retirees receive in social security is subject to change, or even decrease, if Congress does not figure out proper funding by 2034 because of a rising number of retirees and shrinking number of workers.