Social Security update: Direct payment worth up to $4,555 goes out to millions in five days

MIn less than one week, billions of retired people will be able to receive the last wave of March’s Social Security Administration retirement payment, which is worth up to $4555.

The third round will be available for those born between March 21st and March 31st. Each month, retirees receive three payments. However, each payment corresponds with a 10-day block of the previous month in which a person was born. This is according to the SSA schedule.

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The first round was for those who were born between the 1st-10th of a given month. It went out to beneficiaries on March 8. For those born between March 1st and March 10th, the second round of payments was made available on Wednesday.

The amount that each recipient receives will depend on the recipient’s retirement age. It can be up to $4555 per month for people who have retired at 70. According to the SSA, recipients who retire at 67 receive a maximum of $3,627 and anyone who retires at 62 can get up to $2,572.

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If Congress fails to determine how the program is funded by 2037, then people could see their payments drop. Congress has been discussing the future of Social Security for many years. Recently, however, a pair bipartisan senators proposed increasing the retirement age to 70.

The current retirement age is 67. However, workers have the option to take early retirement at 62 and defer retirement until 70.