Social Security update: Direct payment worth up to $4,555 goes out to millions Wednesday
Misty Severi
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Millions of retirees received the first of three Social Security checks for August, worth up to $4,555 for people who delay their retirement until age 70, on Wednesday.
The first wave was sent to people born between the first and 10th of the month. The next round of payments will be sent in exactly one week, on Aug. 16, for those born between the 11th and 20th of the month. A final leg of payments will be released Aug. 23 to those born after the 21st.
HOW DEBATE CAN BE MAKE OR BREAK FOR CANDIDATES
The maximum payments for each retiree differ. Some of the factors that affect how much a retiree receives include age at retirement, how long a retiree has paid into Social Security, and how much money a recipient paid into the program during the years he or she worked.
Seniors who retire at the youngest retirement age of 62 get the lowest possible monthly installment, which is up to $2,572. People who retire at 67, considered the full retirement age, receive a maximum benefit of $3,627. Those who delay retirement until 70, the oldest age of retirement, get the highest maximum payment of up to $4,555 per month, according to the Social Security Administration.
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A separate group consisting of retirees who receive both Supplemental Security Income and Social Security benefits, retirees who live outside of the United States, and those who retired before 1997 received payments on Aug. 3, regardless of the day they were born.
The future of Social Security, including the amount people will receive and how those disbursements will work, is still uncertain. But experts have warned that recipients could see a decrease in their payments starting in 2034 if Congress does not settle on funding for the program before the Social Security trust runs out. Those currently on Social Security would not be affected by the changes.