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

Millions of retirees will receive the final wave of Social Security Administration’s retirement payments on Wednesday, worth up to $4,555.

The third round of payments, for those born between the 21st and 31st of the month, will be released on March 22. Each person only receives one payment during the 10-day block of the month they were born in, according to the SSA’s schedule. Three disbursements are released to retirees each month.

The first round of payments, for those born between the 1st and 10th of the month, was released on March 8, and the second round, for those born between the 11th and 20th of the month, was released on March 15.

The amount of money each retiree receives depends on their age at retirement. The maximum payment of up to $4,555 goes to people who retired at 70. Recipients who retired at 67 receive a maximum check of $3,627, and those who retired at 62 receive up to $2,572, according to the SSA.

The current age of retirement is 67, but people can take early retirement at 62 or delay retirement until 70. However, if Congress does not determine how the program will be funded by 2037, people could see a decrease in their payments. Discussions on the future of Social Security have been ongoing in Congress for years, and recent proposals include raising the retirement age to 70.