Retirees only have to wait five more days until the first wave of March’s retirement payments worth up to $4,555 is released, according to the Social Security Administration.
The first round of payments will be disbursed on March 8. There are three waves of retirement payments each month, with the funds released on the second, third, and fourth Wednesdays of each month. Each wave represents a 10-day block of the month that the recipient was born in. The first round is for those born between the 1st and 10th of a month, according to the SSA’s schedule.
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The second wave of retirement payments will be for recipients born between the 11th and 20th of a month and will be released on March 15. The final round will be issued on March 22 for those born between the 21st and 31st of a month.
The amount of money each person gets depends on when they retired and started receiving benefits. The highest payment of $4,555 goes to people who retired at 70. Recipients who retired at 67 will receive a maximum check of $3,627, and anyone who retired at 62 will get up to $2,572, according to the SSA.
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Retirement payments from the SSA are different from other payments distributed by the agency, such as disability insurance or Supplemental Security Income.
The amount of money retirees receive in Social Security is subject to change and may even decrease if Congress does not determine how it will be funded by 2035. However, Congress has made social security an important topic of discussion recently as both branches of the country’s legislature debate how to pay off the country’s debts. Lawmakers have vowed not to cut the program.
