The Social Security Administration’s second round of retirement payments, worth up to $4,555, will be sent to beneficiaries born between the 11th and 20th of the month in less than a week.
The payment, which will be made on March 15, is the second of three for the month. According to the SSA’s schedule, each wave corresponds to the 10-day block of a month when a person was born.
The amount of money that recipients receive from the payment is determined by their retirement age. People who retire at the age of 70 receive the highest monthly payment of up to $4,555. According to the SSA, recipients who retire at 67 receive a maximum check of $3,627, while those who retire at 62 receive a maximum check of $2,572.
The amount of money recipients get from the payment depends on their retirement age (Photo: debt.com)
The first round of payments went out on Wednesday to people born between the first and tenth of the month. The final round will be released on March 22, the fourth Wednesday of the month. It will be available to those born between the 21st and 31st of each month.
The amount of money retirees receive from Social Security is subject to change, and it may decrease if Congress does not decide how to fund the program in the future. Social Security debates have raged in Congress for years, but a pair of bipartisan senators recently proposed raising the retirement age to 70.
The current retirement age is 67, but workers can choose to retire at 62 or wait until they are 70.
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