Millions receive $4,555 direct payment in Social Security update on Wednesday.
The Second Round of Social Security Payments Sent to Seniors
The second of three monthly disbursements from Social Security, worth up to $4,555 for seniors who delay their retirement until age 70, was sent to millions of retirees on Wednesday.
The second of August’s three payments was sent to eligible seniors who were born between the 11th and 20th of the month and comes exactly a week after the initial round was delivered on Aug. 9. The final checks will be released next week, on Aug. 23, to those born on or after the 21st of a month. The first round went to those born between the first and the 10th of the month.
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The maximum payments for each retiree depend on certain key factors, such as their age at retirement, how long they have paid into Social Security, and how much money the recipient paid into the program during those years they worked.
The earliest age to receive social security retirement benefits is 62, and they get the lowest maximum payment, which is worth up to $2,572 each month. The next bracket is those who retire at 67, considered the full retirement age, and receive a maximum benefit of $3,627. People who delay retirement until 70, the oldest age of retirement, get the highest maximum payment of up to $4,555 per month, according to the Social Security Administration.
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A separate group that consists of retirees who receive both Supplemental Security Income and Social Security benefits, United States retirees that live outside of the country, and people that retired before 1997, have also received payments, which went out Aug. 3 regardless of the day in the month they were born.
The Uncertain Future of Social Security
The long-term future of Social Security, including the possible amount individuals can receive and how those disbursements will work, is still uncertain. But experts have warned that future recipients could see a decrease in their payments starting in 2034 if Congress does not settle on funding for the program before the Social Security trust runs out. People currently on Social Security would not be affected by any changes.
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