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

Seniors who receive retirement payments through Social Security will receive the last round of August’s payments, worth up to $4,555 for seniors who delay their retirement until age 70, on Wednesday.

The third and final wave of retirement benefits will be sent to eligible seniors on Wednesday, and it will be for those born on or after the 21st of a month. Two other rounds were already disbursed on Aug. 9 and 16. The first went to people born before the 10th of a month, and the second was to those born between the 11th and the 20th.

Recipients only receive one check each month, but distributions are divided into three waves that coincide with the period of the month they were born.

A different group of retirees also see monthly payments. That group, comprising seniors who receive both Supplemental Security Income and Social Security benefits, people who retired before 1997, and U.S. retirees who live outside of the country, has already received their monthly payments, which went out on Aug. 3 regardless of the day of the month they were born.

The maximum payments for each retiree depend on certain factors, including the person’s age at retirement, how long he or she has paid into Social Security, and how much money was paid into the program during the years he or she worked.

The earliest age one can receive Social Security retirement benefits is 62, and these recipients get the lowest maximum payment, which is worth up to $2,572 each month. The next bracket is those who retire at 67, considered the full retirement age, and receive a maximum benefit of $3,627. People who delay retirement until 70, the oldest age of retirement, get the highest maximum payment of up to $4,555 per month, according to the Social Security Administration.

The long-term future of Social Security is still uncertain. Changes to the program could include how much money future retirees receive and how those disbursements would work if Congress does not agree on funding for the program before its trust runs out in 2034, experts have warned. But people already on Social Security would likely not be affected by any changes.

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