Update on Social Security: Payments worth up to $4,555 will be made in two days to millions of beneficiaries

Update on Social Security : Approximately four million retirees will receive their final Social Security Administration retirement payments in the next two days.

On Wednesday, March 22, the third round of results will be released for those born between the 21st and the 31st of the month. The government releases three disbursements each month to retirees, though each receives only one. According to the schedule of the Social Security Administration, it coincides with the 10-day block of the month in which the person was born.

Social security update information

A first round of payments was sent on March 8 to recipients who were born between March 1 and March 10. Wednesday was the release date of the second round for those born between the 11th and 20th of a month.

Each recipient receives a different amount of money based on their age at retirement. The highest payment is $4,555, which is given to people who retire at the age of 70. The SSA estimates that people who retire at 67 receive a maximum check of $3,627, while people who retire at 62 get a maximum check of $2,572.

A decrease in payments could occur if Congress fails to decide how to fund the program by 2037. Congressional discussions on Social Security have been ongoing for years, but a pair of bipartisan senators recently proposed raising the retirement age to 70.

The current retirement age is 67, but people can take an early retirement at 62 or delay retirement until 70.

Leave a Comment