Social Security update: Direct payment worth up to $4,555 goes out to millions in two days
Two days from today, millions of retirees will receive their final
Social Security Administration retirement payments for March. These payments can be as high as $4,555.
The third round of payments is set to be released on Wednesday 22nd March to people who were born between the 21st and 31st of the month. According to the SSA’s schedule, three disbursements are issued each month, but individuals only receive one payment, which coincides with their designated 10-day birth period.
Payments for the first round, for individuals born between the 1st and 10th of a month, were sent out on March 8th. For those born between the 11th and 20th of a month, the second round of payments was sent out on March 20th.
The amount of money each individual gets depends on their age at retirement. Individuals who retired at 70 receive $4,555, which is the highest possible payment. The maximum check for individuals who retired at 67 is $3,627, while those who retired at 62 receive up to $2,572.
Congress has not yet determined the program’s funding after 2037, which could cause a reduction in payments in the future. Congress has been discussing the future of Social Security for years, and a pair of bipartisan senators recently proposed increasing the retirement age to 70.
Although the current age of retirement is 67, individuals can take an early retirement at 62 or delay it until 70.
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