Upcoming Social Security Update: Millions to Receive Direct Payment up to $4,555
In 17 days, millions of retirees will get their first Social Security retirement payments for September, totaling up to $4,555 for seniors aged 70 or older.
Social Security’s long-term prognosis is still up for debate on Capitol Hill, but the program will need to be altered if lawmakers cannot come to an agreement on funding before the trust fund depletes in the next decade.
The amount and timing of benefits could be adjusted, although current Social Security claimants are unlikely to be affected by these changes.
Social Security Distribution Schedule
The initial payment will be distributed to individuals born between the first and tenth of their birth month on September 13, the second Wednesday of the month.
The second round is distributed one week later, on September 20, for the subsequent 10-day allotment.
The final distribution will occur on the fourth Wednesday of September, for those born between September 21 and September 31.
Seniors who get both Supplemental Security Income as well as Social Security benefits, individuals who retired prior to 1997, and U.S. retirees living abroad will receive payments on September 7 despite the day of the month they were born.
Retirement benefits are distinct from other SSA distributions like disability insurance and SSI. On September 1, participants who are qualified to receive SSI benefits will get their next installment.
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Maximum Payments for Each Individual
The utmost payments for each retiree depend on several variables, including the retiree’s age. Those who retire at age 62 or earlier receive up to $2,572 per month.
In accordance with the Social Security Administration, those who retire at the complete retirement age of 67 receive a maximum monthly payment of $3,627, while those who delay their retirement until the age of 70 receive a maximum monthly payment of $4,555.
Source: WASHINGTONEXAMINERviaMSN
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