Social Security update: Direct payment worth up to $4,555 goes out to millions in 19 days

The first of three rounds of Social Securityretirement payments in April, worth up to $4,555, will be sent to recipients in 19 days.

On April 12, the first round of April’s payments will be made. The funds may be distributed to seniors who were born between the first and tenth of each month.

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The second wave, which will be for those born between the 11th and the 20th of a month, may release on April 19. According to the Social Security Administration’s program, the last wave will be made available on the 26th to people born between the 21st and the 31rd of each month. Each transaction transmission date falls on the 10th day of the month in which the recipient was born.

The amount of money each victim receives is determined by their pension age. The maximum payment is$ 4,555 per month and is given to qualified 70-year-old retirees. According to the SSA, recipients who retire at the age of 67 receive a maximum check of$ 3, 627, and those who do so at age 62 receive up to$ 2, 572.

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If Congress does not decide how the system will become funded by 2037, people may see a reduction in their purchases. Although the future of Social Security has been debated in Congress for years, two senators from different parties reportedly proposed raising the retirement stage to 70.

Although the average retirement age is 67, men can retire later at age 62 or postpone retreat until age 70.