Social Security update: Third round of direct payments worth up to $4,555 to arrive in six days
Misty Severi
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The final group of retired seniors will receive the last wave of September Social Security payments in just under one week, which are worth up to $4,555 for those who retired at the age of 70.
The disbursements are part of three Social Security payments for the month, with Wednesday’s payments being for people born on or after the 21st of a month. The second payment was released on Wednesday.
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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.
The maximum amount each retiree can receive depends on key 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.
The age at which recipients choose to retire is one of the biggest considerations. Retiring at the youngest age of 62 allows recipients to get up to $2,572 per month while delaying to 70 can allot 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 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.