Social Security update: Direct payment worth up to $4,555 goes out to millions in 20 days

A stock photo is shown with old Social Security cards and $100 bills.
A stock photo is shown with old Social Security cards and $100 bills. (iStock)

Social Security update: Direct payment worth up to $4,555 goes out to millions in 20 days

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The first round of April’s Social Security retirement payments, worth up to $4,555, is set to go out to recipients who are at least 62 in just under three weeks.

The first round of April’s payments will go out on April 12, the second Wednesday of the month, and will go to retirees who were born between the 1st and 10th of the month. There are three rounds of retirement payments, where each wave coincides with the 10-day block of the month that the recipient was born.

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The second wave goes out on April 19 for those born between the 11th and 20th of a month, and the final wave will be released on the 26th for those born between the 21st and 31st, according to the Social Security Administration’s schedule.

The amount of money each recipient gets depends on the recipient’s age at retirement. The highest payment is up to $4,555 per month, and it goes to 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.

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The current age of retirement is 67, but people can take early retirement at 62 or delay retirement until 70.

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 been ongoing in Congress for years, but a pair of bipartisan senators recently proposed raising the retirement age to 70.

© 2023 Washington Examiner

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