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

Misty Severi

April 19, 06:37 PM April 19, 06:37 PM

The second installment of April's three rounds of Social Security retirement payments, worth up to $4,555, went out to thousands of recipients on Wednesday.

The second disbursement was sent to those born between the 11th and 20th of a month, and it was sent on the third Wednesday of the month. Payments are sent out on the second, third, and fourth Wednesdays of every month, and they coincide with the 10-day block of a month in which the person was born.

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The first distribution went to retirees born between the 1st and 10th of a month, and it was released on the second Wednesday of the month. The final wave will be sent out next week on April 26, the last Wednesday of April, and it will be for those born between the 21st and 31st of a month, according to the SSA's schedule.

The amount of money each person gets depends on his or her age at retirement. Recipients who retired at the current retirement age of 67 receive a maximum check of $3,627. People who retired at 62 get up to $2,572, and those who delayed retirement to 70 get the highest payment of $4,555 per month, according to the Social Security Administration.

People could see a decrease in their payments if Congress does not determine how the program will be funded by 2037. Discussions on the future of Social Security have occurred in Congress for years, and experts recently warned that the program could be insolvent in 10 years if nothing is done.

France recently raised the retirement pension age to 64. Some lawmakers have proposed a similar move in the United States, recommending the country raises full retirement to 70.