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

Misty Severi

May 05, 04:36 PM May 05, 04:36 PM

The first round of May's three Social Security payments, worth up to $4,555, will be sent out to retirees in five days, according to the Social Security Administration's schedule.

The payments will be sent to those born between the 1st and the 10th of their birth month and will be disbursed on May 10, the second Wednesday of May. The payments are sent out on the second, third, and fourth Wednesdays of every month.

STIMULUS CHECK UPDATE: DIRECT PAYMENT WORTH $800 TO BE PAID OUT TO RECIPIENTS IN 10 DAYS

The second distribution will go to retirees born between the 11th and 20th of a month, and it will be released on May 17 — the third Wednesday of May. The final wave will be sent out a week later on May 24, and it will be for those born between the 21st and 31st of their birth month.

The amount of money each recipient gets depends on their age at retirement. Recipients who retired at 67 can receive a maximum check of $3,627. People who retired at 62 get up to $2,572, and those who delayed retirement until 70 get the highest payment of $4,555 per month, according to the SSA.

Recipients 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 warned recently that the program could be insolvent in 10 years if nothing is done.

Some lawmakers have proposed raising the age at which citizens receive their full benefits from 67 to 70. Workers can already retire and collect Social Security as early as 62 or delay retirement until they are 70 for a higher check.