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

United States capitol in Washington DC with a Social Security card and money
United States capitol in Washington DC with a Social Security card and money zimmytws/Getty Images/iStockphoto

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

Video Embed

Millions of retired seniors 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 just under a week.

The first wave of payments will go out in six days, on Sept. 13, and will go to people born between the 1st and 10th of their birth month. The following disbursement, for those born between the 11th and 20th, will be released on the third Wednesday of the month, Sept. 20. The final wave of payments will go out a week later, on Sept. 27, and will be for those born on or after the 21st.

SUPREME COURT AFFIRMATIVE ACTION RULING PROMPTS COLLEGE DIVERSITY ESSAY ‘LOOPHOLE’

These payments are different from other checks handed out by the SSA, such as disability insurance or Supplemental Security Income.

The maximum payments for each retiree depend on certain factors, such as 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 SSA.

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, members of that group will receive payments on Sept. 7.

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

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 will not be affected by these changes.

© 2023 Washington Examiner
Facebook Comments