The final wave of April’s three Social Security retirement payments, worth up to $4,555, will be sent out on Wednesday.
The final installment will be sent to those born between the 21st and 31st of a month on April 26. The payments are sent out on the second, third, and fourth Wednesdays of every month. The week a recipient’s payment is sent coincides with the 10-day block of a month in which the person was born.
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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 to 70 get the highest payment of $4,555 per month, according to the Social Security Administration.
The first distribution went to retirees born between the 1st and 10th of a month, and it was released on the second Wednesday of the month. The second wave was sent on April 19, the third Wednesday of April, and it was for those born between the 11th and 20th.
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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.
