Social Security update: Direct payment worth up to $4,555 to be sent to millions in three days

Asher Notheis

March 05, 10:11 AM March 05, 10:11 AM

Some recipients of the Social Security Administration's retirement payments, worth up to $4,555, will receive their payment in only three days.

The payments going out on Wednesday will mark the first of three waves of payments this month. Each wave represents a 10-day block of the month a person was born in, and this round of payments is for people born between the 1st and 10th of a month, according to the SSA's schedule.

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The second round of SSA retirement payments for the month will be issued on March 15 and will go to those born between the 11th and 20th of a month. The last payment for March will come a week later, on March 22, for people born between the 21st and 31st of a month.

The amount of money people receive from these payments depends on the age they retired at and when they started receiving the benefits. The highest payment of up to $4,555 goes to people who retire at 70. Recipients who retired at 67 will receive a maximum check of $3,627, and anyone who retired at 62 will get up to $2,572, according to the SSA.

Retirement payments from the SSA are different from other payments distributed by the agency, such as disability insurance or Supplemental Security Income.

The amount of money retirees receive in Social Security is subject to change, and it may even decrease if Congress does not determine how the program will be funded by 2037. Discussions over Social Security have been ongoing for years, but a pair of bipartisan senators are looking at raising the age of retirement to 70.