Social Security Update: Direct payment worth up to $4,555 goes out to millions in two days
Misty Severi
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September’s monthly Social Security payments for retired seniors will begin this week, with the first round, which is worth up to $4,555, going out on Wednesday.
The first wave of payments will be released in two days on Sept. 13, which is the second Wednesday of the month, and will only go to people born between the 1st and 10th of their birth month. The second disbursement, for retirees born between the 11th and 20th, will be released on Sept. 20. The final wave of payments will go out a week later, on Sept. 27, for those born on or after the 21st.
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A separate group of retired seniors also sees monthly retirement payments. This group consists of 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. Regardless of the day of the month they were born, the group received their payments on Sept. 7.
These payments are different from other checks handed out by the Social Security Administration, such as disability insurance or Supplemental Security Income.
The maximum payments for each retiree depend on certain factors, including the individual’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 retirement program could be necessary in the near future 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.