Social Security update: Direct payment worth up to $4,555 to be sent to millions in 11 days

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Social Security update: Direct payment worth up to $4,555 to be sent to millions in 11 days

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The Social Security Administration’s retirement payments for March, worth up to $4,555, will start being issued to recipients in only 11 days.

The set of payments, which will be paid out March 8, will mark the first of 10 waves, with each wave representing a 10-day block of the month a person was born in. This first round of payments will be for people born between the 1st and 10th of a month, according to the SSA’s schedule.

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The amount recipients receive from these payments depends on when they decide to retire and start receiving benefits. The highest payment goes to people who retire at the latest age of 70. Recipients who retired at 67 will receive a maximum check of $3,627, and anyone who retired at 62 will get up to $2,572, according to the SSA.

The second round of SSA retirement payments will be issued on March 15 and will be for those born between the 11th and 20th of a month. The last payment for March will be on March 22 and will be for people born between the 21st and 31st of a month.

Regular Social Security payments are based on earnings that a recipient makes throughout his or her lifetime and do not have any limits based on income or resources. But the retirement payments from the SSA are different from other payments distributed by the agency, such as disability insurance or Supplemental Security Income.

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The amount of money retirees receive in Social Security is subject to change, and it may even decrease if Congress does not figure out how it will be properly funded by 2034.

Advancements in science and medication that allow retirees to take part in Social Security benefits longer than expected play a role in the program’s funding problem.

© 2023 Washington Examiner

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