The disbursements are part of a series of three Social Security payments that go out each month, with Wednesday’s upcoming payments being for people born on or after the 21st of a month. The second payment was released Sept. 20, and went to people born between the 11th and 20th of the month.
The maximum amount each retiree can receive from the government depends on certain factors, such as the person’s age at retirement, how much they paid into Social Security, and how many years were paid into the program.
Beneficiaries who retire at the youngest age of 62, can get up to $2,572 per month, while those delaying to 70 can receive up to $4,555 per month, according to the Social Security Administration. Those who retire at the full age of retirement, 67, receive a maximum check of up to $3,627 per month.
A separate group of retirees, which consists of 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.
Those payments could be lower in 2034, unless Congress takes some action to prevent it. Analysts estimate that the SSA 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.