Social Security update: Direct payment worth up to $4,555 to be sent to millions in four days
Social Security update: Direct payment worth up to $4,555 to be sent to millions in four daysAsher Notheis
March 18, 10:00 AM March 18, 10:00 AM
In four days, retirees will receive the third and final wave of the Social Security Administration’s retirement payments worth up to $4,555.
The disbursement, which will be released to retirees who were born between the 21st and 31st of a month, will go out on March 22. Recipients only receive one payment each month, and the date of their disbursement corresponds with the 10-day block of a month when a person was born, according to the SSA’s schedule.
MAN ACCUSED OF STEALING $432K IN CRAB WHILE IMPERSONATING SAFEWAY AGENT
The amount of money recipients get from the payment depends on their retirement age. The highest payment of $4,555 per month goes to people who retired at 70. Recipients who retired at 67 receive a maximum check of $3,627, and anyone who retired at 62 gets up to $2,572, according to the SSA.
The first round of payments, for people born between the first and 10th of a month, went out to recipients on March 8. The second round went out on March 15, and it was for people born between the 11th and 20th of a month.
G3 Box News
The amount of money retirees receive in Social Security is subject to change and could decrease if Congress does not determine how the program will be funded in the future. Discussions on the future of Social Security have been going on in Congress for years. Most recently, a pair of bipartisan senators proposed raising the retirement age to 70.
The current retirement age is 67, but workers can take early retirement at 62 or delay retirement until they are 70.