Social Security update: Direct payment worth up to $4,555 goes out to millions in 10 days
Get Ready for Your Social Security Payment!
There are only 10 days left until the first of May’s Social Security payments are sent out to recipients, according to the Social Security Administration.
When Will You Get Paid?
The payment will be sent to those born between the 1st and the 10th of a month, and it will be disbursed on May 10, the second Wednesday of the month. The payments are sent out on the second, third, and fourth Wednesdays of every month, and the week a recipient’s payment is sent coincides with the 10-day block of a month in which the person was born.
How Much Will You Get?
The amount of money each recipient gets depends on their age at retirement. Recipients who retired at 67 receive a maximum check of $3,627. People who retired at 62 get up to $2,572, and those who delay retirement until 70 get the highest payment of $4,555 per month, according to the SSA.
What If Congress Doesn’t Act?
Recipients 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.
Take Action Now
Some lawmakers have proposed raising the age at which citizens receive their full benefits from 67 to 70. Workers can retire and collect Social Security as early as age 62. People reach their maximum benefit if they retire at 70.
- Don’t forget to check your bank account on May 10th!
- If you’re not sure how much you’ll receive, check out the Social Security Benefit Estimator.
- Stay informed about the future of Social Security by following the news and contacting your representatives in Congress.
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