Social Security update: Direct payment worth up to $4,555 goes out to millions in five days
Misty Severi
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Retired seniors who were born on or before the 10th day of their birth month will receive the first wave of September’s monthly retirement payments, worth up to $4,555 for those who retired at age 70, from the Social Security Administration in five days.
The first wave of payments will go out to millions of retired senior citizens on Sept. 13, but it will only go to retirees born between the first and 10th of their birth month. The following disbursement, for those born between the 11th and 20th of a month, will be released on Sept. 20. The final wave of payments will go out Sept. 27, and it will be for those born in the last 10-day block of the month.
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A separate group of retired seniors also sees monthly retirement payments. The group consists of seniors who receive Supplemental Security Income and Social Security benefits, people who retired before 1997, and U.S. retirees who live outside of the country. Regardless of the day of the month they were born, that group received payments on Sept. 7.
These payments are different from other checks sent out by the SSA, such as disability payments, also known as Supplemental Security Income.
The maximum payment for each retiree depends on certain factors, including the person’s age at retirement.
Seniors who retire at the earliest age of 62 can receive 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 can collect up to $4,555 per month, according to the Social Security Administration.
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Changes to the federal program in the near future could be needed if Congress does not agree on funding for the program before its trust runs out in the next 10 years.
Possible changes to the program include restructuring how the payments go out and how much money the recipients receive, but people already on Social Security would not be affected by these changes.