Millions of Social Security retirees received the last round of October’s retirement payments on Wednesday, and the payments were worth up to $4,555 for those who delayed retirement until the age of 70.
The third and final Social Security payments go to recipients born on or after the 21st. Those born between the 1st and 20th of the month already received their checks. Each recipient gets one monthly check.
Social Security payments are based on the earnings that are made throughout the recipient’s career. The maximum amount people receive varies based on the age the individual retires. A beneficiary must have paid into the program for at least 10 years in order to qualify for the payments.
People who retired at the youngest age of 62 get up to $2,572 each month, and people who retired at the current retirement age, 67, receive a maximum check of $3,627. Those who delay their retirement to age 70 get the largest payment of up to $4,555 per month, per the Social Security Administration.
Normal Social Security checks are different from other payments given out by the SSA, such as disability insurance or Supplemental Security Income. The amount of each benefit is expected to rise by 3.2% in 2024, according to the SSA, for both payments.
The future of Social Security is currently unclear due to the risk of insolvency as early as 2034. Analysts predict insolvency will occur unless important action is taken by Congress to prevent it. Any change that does take place for the program would not affect those who are already on Social Security.