Social Security update: Direct payment worth up to $4,555 goes out to millions in 13 days
There are just under two weeks until the first of May’s Social Security payments will be sent out to recipients, according to the Social Security Administration.
The payment 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 the month. The payments are sent out on the second, third, and fourth Wednesdays of every month, with the week a recipient’s payment is sent coinciding with the 10-day block of a month in which the person was born.
The amount of money each recipient gets depends on his or her age at retirement. Recipients who retired at 67 receive a maximum check of $3,627. People who retired at 62 get up to $2,572, and those who delay retirement until 70 get the highest payment of $4,555 per month, according to the Social Security Administration.
The second distribution will go to retirees born between the 11th and 20th of a month, and will be released on May 17, the third Wednesday of the month. The final wave will be sent on May 24, the third Wednesday of the month, and will be for those born between the 21st and 31st of their birth month.
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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 recently warned 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 retire and collect Social Security as early as age 62 and reach their maximum benefit if they retire at 70.
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