Millions of seniors will receive the first wave of September retirement checks from Social Security in two weeks, which are worth up to $4,555 for people who retire at 70.
The first payment will go out Sept. 13., which is the second Wednesday of the month, and will go to people who were born between the first and the 10th of the month. The second disbursement will go out exactly a week later for those born between the 11th and 20th of the month, on Sept. 20. The final wave will go out Sept. 27 for those born on or after the 21st.
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Another group of retirees also sees monthly retirement payments. The group consists of seniors who receive both Supplemental Security Income and Social Security benefits, people who retired before 1997, and U.S. retirees who live outside of the country. They will receive payments on Sept. 7, regardless of the day of the month they were born.
The maximum payments for each retiree depend on certain factors, including the person’s age at retirement. Seniors that retire at the earliest age of 62 can receive up to $2,572 each month. Those who retire at the full retirement age of 67 receive a maximum check of $3,627 per month, and those who delay their retirement to 70 get the largest sum of up to $4,555 per month, according to the Social Security Administration.
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The long-term outlook on Social Security’s future is still uncertain, but changes to the program will be necessary if Congress does not agree on funding for the program before its trust runs out in the next 10 years. Changes could include restructuring how the payments go out and how much money recipients receive, but people already on Social Security would not likely be affected by any changes.
Retirement payments are different from other checks handed out by the SSA, such as disability insurance or Supplemental Security Income. The next round of SSI payments is scheduled to be paid out to eligible recipients on Sept. 1.
