Social Security update: Second round of direct payments worth up to $4,555 to arrive in one day
Misty Severi
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Millions of retired seniors will receive their September Social Security payments in one day. The payments are worth up to $4,555 for those who retired at the age of 70.
The Wednesday payments will be the second round of three Social Security payments for the month, and they will go to people born between the 11th and 20th of their birth month. Social Security payments begin on the second Wednesday of every month, and each wave goes out in its own week.
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A different group of retirees, comprising seniors who receive both Supplemental Security Income and Social Security benefits, senior citizens who retired before 1997, and retirees who live outside of the country, received their payments on Sept. 7.
The maximum payment for each retiree depends on certain factors, such as the person’s age at retirement, how much they paid into Social Security, and how many years they paid into the program.
One of the largest considerations is the age at which recipients choose to retire — retiring at the youngest age of 62 yields up to $2,572 per month, while delaying retirement to 70 can garner up to $4,555 per month, according to the Social Security Administration. Those who retire at the full retirement age of 67 receive a maximum check of up to $3,627 per month.
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Those totals will shrink come 2034 unless Congress takes action. Analysts estimate that the Social Security Administration will no longer be able to give out full payments to recipients as early as 2034 due to a rising number of retirees and a shrinking number of workers.
Another change to the program could include restructuring how the payments go out, but people already on Social Security would not be affected by these changes.