Social Security Update: Direct payment worth up to $4,555 goes out to millions in 19 days
Misty Severi
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Millions of Social Security recipients will get their first retirement checks for September, which are worth up to $4,555 for seniors who are at least 70, in 19 days.
The first payment will go out on Wednesday, Sept. 13. The first checks will go to people born between the 1st and the 10th of their birth month. The next round goes out exactly a week later for the next 10-day block. The final distribution will be released on Sept. 27 for those born from the 21st through the 31st of their birth month.
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The maximum payments for each retiree depend on certain factors, including the person’s age at retirement. Those who retire at the earliest age of 62 get up to $2,572 each month. Those who retire at the full retirement age of 67 receive a maximum check of $3,627 per month, and those who delay their retirement to 70 get the largest payment of $4,555 per month, according to the Social Security Administration.
Regular Social Security payments are different from other checks handed out by the SSA, such as disability insurance or Supplemental Security Income. The next round of SSI payments is scheduled to be paid out to eligible recipients on Sept. 1.
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Also seeing monthly payments is a different group of retirees, which consists of seniors who receive both SSI and Social Security benefits, people who retired before 1997, and U.S. retirees who live outside of the country. Those payments will go out on Sept. 7, regardless of the day of the month they were born.
The long-term outlook on Social Security’s future is still unclear, but changes to the program will be necessary if Congress does not agree on funding for the program before its trust runs out in the next 10 years. Changes could include restructuring how the payments go out and how much money recipients receive, but people already on Social Security would likely not be affected by any changes.