Recipients will receive March’s retirement payments, worth up to $4,555, in just over a week from the Social Security Administration.
The payments going out on March 8 will mark the first of three waves this month. Each wave represents a 10-day block of the month a person was born in. This first round of payments will be for people born between the 1st and 10th of a month, according to the SSA’s schedule.
The amount of money people receive from these payments depends on their age of retirement and when they start receiving the benefits. The highest payment of up to $4,555 goes to people who retire 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.
The second round of SSA retirement payments will be issued on March 15 and will be for those born between the 11th and 20th of a month. The last payment for March will be a week later, on March 22, and will be for people born between the 21st and 31st of a month.
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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 it may even decrease if Congress does not determine how it will be funded by 2037. Discussions over Social Security have been ongoing for years, but a pair of bipartisan senators are looking at raising the age of retirement to 70.
