Social Security update: Final round of direct payments of up to $4,555 for February arrives in six days
Misty Severi
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The final round of social security payments will be disbursed in six days to retirees born between the 21st and 31st of a month.
Social security payments are sent in three waves, 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 and went to people born between the 1st and 10th of the month.
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The second round was released Wednesday and went to those born between the 11th and 20th, according to the Social Security Administration’s calendar. The final round for February will be paid out on Feb. 22.
The amount of money people receive is determined by their age of retirement. The payment increases the longer a person waits, with the cap being $4,555 for those who retire at 70. The maximum payment for those who retire at 62, the earliest, 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 a shrinking number of workers.