The second round of the Social Security Administration’s retirement payments, worth up to $4,555, will be sent to beneficiaries born between the 11th and 20th of a month in under a week.
The disbursement, to be released on March 15, is the second of three waves of payments this month. Each wave corresponds with the 10-day block of a month a person was born in. The first round of payments was for people born between the 1st and 10th of a month, and it went out to recipients on Wednesday, according to the SSA’s schedule.
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The final round of disbursements will go out one week later, on March 22, the fourth Wednesday of March, for people born between the 21st and 31st of a month.
The amount of money recipients get from the payment depends on their retirement age. The highest payment of up to $4,555 per month goes to people who retired at 70. Recipients who retired at 67 receive a maximum check of $3,627, and anyone who retired at 62 gets up to $2,572, according to the SSA.
Retirement payments from social security are different from other payments distributed by the agency, such as disability insurance or Supplemental Security Income.
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The amount of money retirees receive in Social Security is subject to change, and it could even decrease if Congress does not determine how the program will be funded in the future. Discussions on Social Security have been ongoing in Congress for years, but most recently, a pair of bipartisan senators have proposed raising the age of retirement to 70.
Currently, the age of retirement is 67, but workers can take early retirement at 62 or delay retirement until they are 70.
