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

Social Security Medicare
A Social Security card is displayed on Oct. 12, 2021, in Tigard, Oregon. (AP Photo/Jenny Kane, File)

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

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Retirees will receive the first of April’s three Social Security retirement payments, worth up to $4,555, in nine days.

The first round of April’s payments will go out on Wednesday, April 12, and the payments will go to retirees born between the 1st and 10th of a month.

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The second wave, 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 for those born after the 21st of a month, according to the Social Security Administration’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 SSA.

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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 just 10 years if nothing is done.

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

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