Social Security update: Direct payment worth up to $4,555 goes out to millions in 11 days
The first Social Security retirement payment of April will be sent to recipients in 11 days. This payment is the first of three and is worth up to $4,555.
The initial round of payments, to be released on April 12, will be for retirees born between the 1st and 10th of a month.
Each payment amount depends on the recipient’s retirement age. Those who retired at age 70 receive the highest payment of $4,555 per month, while those who retired at age 67 receive a maximum of $3,627. Individuals who retired at 62 can receive up to $2,572, according to the Social Security Administration.
The following two waves of payments will be released on April 19th and 26th. The second wave will be for those born between the 11th and 20th of each month; the final wave will be sent out to recipients born between the 21st and 31st.
Payments are distributed in 10-day blocks based on the recipient’s birth date in a given month.
Without proper funding by 2037, it is possible that recipients could see a decrease in their payments. Discussions in Congress about future Social Security funding have been ongoing for years, but two bipartisan senators recently proposed raising the retirement age to 70.
Currently, the age of retirement is 67, but individuals can choose to retire as early as age 62 or delay retirement until age 70.
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