Social Security update: Direct payment worth up to $4,555 goes out to millions in 12 days
Misty Severi
Video Embed
In 12 days, the first of three rounds of Social Security retirement payments coming in April, worth up to $4,555, will be sent to recipients.
The first round of April’s payments will go out on April 12, and it will go to retirees born between the 1st and 10th of a month.
TAX SEASON 2023: IRS WARNS TAX PROFESSIONALS OF ‘SPEARPHISHING’ EMAIL SCAMS
The second wave, for those born between the 11th and 20th of a month, will be released a week later on April 19. The final wave will be sent out on the 26th, and it will be for those born after the 21st of a month, according to the Social Security Administration’s schedule.
The amount of money each recipient gets depends on their 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.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
Recipients could see a decrease in their payments if Congress does not determine how the program will be funded by 2037. Congressional discussions on the future of Social Security have occurred for years, and a pair of bipartisan senators recently proposed raising the retirement age to 70.
The current age of retirement is 67, but people can delay retirement until 70 or take an early retirement at age 62.