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

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

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There is one week until retirees receive the first of three Social Security retirement payments to be sent in April, worth up to $4,555.

The first wave of April’s payments will go out April 12. It 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 on April 19. The last round will be sent out on April 26 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 recipients who retired at 70. People 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 10 years if nothing is done.

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

© 2023 Washington Examiner

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