Social Security update: Direct payment worth up to $4,555 goes out to millions in 10 days

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Social Security update: Direct payment worth up to $4,555 goes out to millions in 10 days

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In 10 days, the first of three rounds of 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, to retirees born between the 1st and 10th of a month.

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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.

The second wave, for those born between the 11th and 20th of a month, will be released a week later on April 19, and the final wave will be sent out on the 26th. It will be for those born between the 21st and 31st of a month, according to the SSA’s schedule. Each payment distribution date coincides with the 10-day block of the month in which a recipient was born.

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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 been ongoing in Congress 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 take early retirement at 62 or delay retirement until 70.

© 2023 Washington Examiner

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