Social Security update: Direct payment worth up to $4,555 goes out to millions in four days
Asher Notheis
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Retirees will receive the first of April’s three Social Security retirement payments, worth up to $4,555, in four days.
The first round of April’s payments will go out on Wednesday, April 12. It will be issued to retirees born between the 1st and 10th of a month.
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The second wave of payments, for those born between the 11th and 20th of a month, will be released exactly one week later on April 19. The final wave will be sent out on the 26th to those born after the 21st of a month, according to the SSA’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 Social Security Administration.
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Recipients 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, and experts most recently warned that the program could be insolvent in 10 years if nothing is done.
The current retirement age is 67, but people can delay retirement until 70 or take an early retirement at 62.