Social Security update: Direct payment worth up to $4,555 goes out to millions in three days
Asher Notheis
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In three days, the first round of three Social Security retirement payments for April, worth up to $4,555, will be sent to recipients.
The first round of April’s payments will go out on Wednesday, April 12. It will go to retirees born between the 1st and 10th of a month.
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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 Social Security Administration.
Each of these three payments coincides with the 10-day block of a month in which the recipient was born. The payments are sent out on the second, third, and fourth Wednesdays of each month.
The second wave of payments, for those born between the 11th and 20th of a month, will be released on April 19, and the final wave will be sent out on the last Wednesday of April. It will be for those born between the 21st and 31st of a month, according to the SSA’s schedule.
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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, and experts recently warned that the program could be insolvent in 10 years if nothing is done.
The retirement age is 67, but people can delay retirement until they are 70 or retire early at age 62.