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

MIn just six days, millions of retired persons will receive the last wave of March’s Social Security Administration retirement benefits, up to $4,555.

Each month, retirees are entitled to three disbursements. Recipients only get one payment. According to the SSA schedule, it coincides with a 10-day block in the month a person was born in. Wednesday will see the release of the final round for those born between 21 and 31 December.

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The first round was for those born between March 1st-10th. It reached recipients on March 8th. On Wednesday, the second round of payments was sent to people born between March 1st and March 10th. It went out to recipients on March 8.

The amount paid will depend on the age of the recipient at retirement. For those who have retired at 70, the maximum monthly payment is $4,555. According to the SSA, recipients who retire at 67 receive a maximum $3,627 check, while anyone who retires at 62 can get up to $2,572.

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The amount of Social Security benefits that retired people receive is subject to change and could decrease if Congress does nothing to determine how the program will continue to be funded in the future. For years, Congress has been discussing the future of Social Security. Recently, two bipartisan senators proposed raising the retirement age from 70 to 70.

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