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Social Security update: Direct payment worth up to $4,555 to be sent to millions in three days

Obama’s proposal for solving the Social Security crisis would only make it worse, Senate Republicans said. (iStock Photo)

Social Security update: Direct payment worth up to $4,555 to be sent to millions in three days

Asher Notheis

March 19, 06:33 AM March 19, 06:33 AM

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The third and final wave of the Social Security Administration’s March retirement payments, worth up to $4,555, will go to recipients in three days.

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, but the date of their disbursement corresponds with the 10-day block of a month in which a person was born, according to the SSA’s schedule.

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The amount of money recipients get from the payment depends on their retirement age. The highest payment of up to $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 1st 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.

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The amount of money retirees receive in Social Security is subject to change and could potentially decrease if Congress does not determine how to fund the program in the future. Discussions on the future of Social Security have been going on in Congress for years, but 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.

© 2023 Washington Examiner

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