Social Security update: Direct payment worth up to $4,555 goes out to millions in four days
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Social Security update: Direct payment worth up to $4,555 goes out to millions in four days
Asher Notheis April 15, 10:00 AM April 15, 10:00 AMThe second of three Social Security retirement payments for the month of April, worth up to $4,555, will be sent to recipients on April 19.
The second disbursement of the month's retirement payments will go to retirees born between the 11th and 20th of a month.
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The first wave of payments, for those born between the 1st and 10th of a month, was released on April 11. The final wave will be sent on the last Wednesday of April, and it will be for those born between the 21st and 31st of a month, according to the SSA's schedule.
Each of the three payments coincides with the 10-day block of a month in which the recipient was born. The payments are sent out on the second, third, and fourth Wednesdays of every month.
The amount of money each person gets depends on his or her age at retirement. The highest payment of $4,555 per month goes to eligible 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 Social Security Administration.
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People could see a decrease in their payments if Congress does not determine how the program will be funded by 2037. Discussions on the future of Social Security have occurred in Congress for years, and experts recently warned that the program could be insolvent in 10 years if nothing is done.
The retirement age is 67, but people can delay retirement until they are 70 or retire early at age 62.
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